MTN Rwanda has reported a more than 40% rise in earnings at the halfway stage of the financial year and returned to the black as the group focused on driving expense efficiencies across the business.
Earnings before interest, tax, depreciation and amortisation (ebitda) for the six months ended June increased by 43.7% to Rwf 56.1bn, while the company reported a profit after tax of Rwf 6.3bn after a loss of Rwf 10.5bn a year ago.
Total subscribers increased by 3.5% year on year to 7.8-million, while active data subscribers rose by 1.9% to 2.4-million and active Mobile Money (MoMo) users increased by 9.1%, it said on Thursday.
Service revenue increased by 13.1% to Rwf 137.4bn, while data revenue advanced 10.1% to Rwf 23.3bn and MoMo revenue was up 29.1% to Rwf 68.6bn.
“In a major milestone for our digital transformation journey, we successfully launched 5G services in June,” CEO Monzer Ali said.
“This positions us at the forefront of next-generation connectivity in Rwanda to provide advanced digital services. We believe this will play a key role in empowering businesses, enabling innovation, and deepening digital inclusion across the country. We remain confident in the strength of our recovery and the opportunities ahead,” he said.
“The accelerated rollout of 5G — where MTN Rwanda is leading the market — positions us to deliver long-term benefits to customers and reinforces our competitive edge in an increasingly digital economy,” he said.
The fintech business remains a core growth pillar and as part of MTN Rwanda’s ongoing efforts to strengthen its fintech ecosystem, it is engaged with Mastercard to explore strategic collaboration opportunities aimed at enhancing financial inclusion.
“This includes the rollout of innovative payment solutions tailored to the Rwandan market, which we expect unlock greater value for customers, accelerate fintech growth and contribute to the country’s broader digital transformation agenda.’
Ali added that a milestone was the launch of the MoMo Virtual Card in February, Rwanda’s virtual payment solution, enabling MoMo customers to make secure global e-commerce transactions.
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