MTN RWANDACELL PLC Records strong growth in subscribers and revenue in Quarter Three, 2023

Author: Nadia Kangabe
On:6/11/2023 11:35
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MTN Rwandacell Plc (MTN Rwanda) has released its third quarter results for the period ending 30” September 2023, reporHnp siqniñcontqrowfh in voious key performonce indicofors.Through fheboldond proqressivejourneyofifsAmbiWon2O25sMoteQy,the company was able fo register impressive results delivering strong growFh across its DaFa, Enterprise.

MTN Rwanda recorded a solid 13.6% growFh in service revenue, realizing over Rwf 186.2 billion during Fhe period, wiFh Mobile Money (MoMo) and Voice remaining the largest confribufors fo service revenue. DaFa revenue continued Fo show significant growth, driven by a sFeady growFh in AcFive Data subscribers.

Despite the challenging global and local macro conditions the company is facing, driven by elevated inflationary pressures and local currency depreciation against the US dolla r, the company sFiII witnessed an impressive growth of 34.7% year on year in Mol“Jo revenue, 22.4% growth in Data revenue while Voice revenue eased slightly by 3.9% as a result of the infroducfion of zero-rated InFerconnecf raFes.

MTN Rwanda successfully launched iFs own 4G network in July 2023, fo provide best-in- coss network connecWviy, foster ond morereioble doto speedsond improved digital servises for its customers. During this period, the company took the bold step of rolling out 1,0114G sites across the country, to achieve 84% population coverage to date.

During the third quarter, MTN Rwanda aIso celebrate its 25th — year anniversa ry of operations in Rwanda and engaged in various activities to recognize this milestone and show appreciation to its customers, parteners and stakeholders for their loyalty, support and association with MTN Rwanda.

In order to provide more value to customers, the company introduced new offordably priced offers such osfhe Tubitayeho Voice and Data plans, at a time when customers needed it the most, amidst inflationary pressures that dampened consumer purchasing power.

“We are focused on diligently executing our Ambition 2025 strategy, while ensuring sustained growth in all our operations, despite fhe challenging operating environment. We are encouraged by our solid performance during this quarter and we remain focused on executing our commercial strafegy, driving efficiencies while generating value for our shareholders.

MTN Rwanda is committed for delivering sustained growth and value for our stakeholders, driven by a growth in subscribers, earnings, and EBITDA as well as displaying margin resilience, as we continue for maintain our position as Industry leaders” said MapuIa Bodibe, MTN Rwanda CEO.

“Our performance underscores our role as a trusted telecommunications provider deeply committed for inclusivity, customer-centricity and community development, while we continue for invest in the development of our infrastructure fo enhance the qualify and coverage of our network", concluded Bodibe.

Mark Nkurunziza, the Chief Finance Officer of MTN Rwanda had this to add "We are registered strong results showcasing EBITDA1 growing by 4.7%, to Rwf 84.Z billion, although the EBITDA margin contracted by 3.9 percentage points, settling of 44.9%. 

This contraction was primarily attributed to heightened expenses associated with interconnect and 4C wholesale data costs, the introduction of a zero mobile termination rare policy and the impact of dollar denominated costs affected by the depreciation of the local currency against the dollar.”