MTN Rwanda Reports 14.7% Increase in Service Revenue and 4.8% Growth in EBITDA in HY2023

Published On: August 29, 2023Company: MTN Rwandacell Plc (
What were the key financial achievements for MTN Rwanda in HY2023?
MTN Rwanda saw growth in its mobile subscribers, active data subscribers, and Mobile Money users. Service revenue increased by 14.7% and EBITDA grew by 4.8%, despite a decrease in EBITDA margin and Profit After Tax (PAT). The acquisition of a 4G license is expected to bring transformative advantages for the company. Moreover, investments in networks and platforms boosted connectivity and ushered in enhanced digital services.

MTN Rwandacell Plc HY2023 Interim Report Summary

  • MTN Rwanda recorded an increase in mobile subscribers by 6.0% YoY to 7.0 million and active data subscribers by 5.1% YoY to 2.3 million.
  • Mobile Money (MoMo) subscribers witnessed a boost by 14.4% YoY to 4.4 million.
  • Service revenue marked a substantial rise by 14.7% to Rwf 120.5 billion.
  • EBITDA saw growth by 4.8% to Rwf 55.0 billion, yet the EBITDA margin decreased by 4.2 pp to 45.1% due to increased cost of sales.
  • Capex reduced by 31.3% to Rwf 19.8 billion.
  • Profit after Tax (PAT) saw a significant reduction by 43.2% to Rwf 5.5 billion, due to finance costs related to CPI adjustments on the company’s leases and currency depreciation affecting its foreign obligations.
  • Home connectivity and Data revenue sustained positive momentum, growing by 22.5%; with the number of connected homes reaching over 7k (up by 58.2%).
  • The Mobile Money Rwanda subsidiary maintained a strong growth trajectory with revenue increasing by 35.7% YoY.
  • MTN Rwanda’s 4G license acquisition brings transformative advantage, paving the way for enhanced customer experience and data access.
  • The company’s investments in networks and platforms in H1 supported improved connectivity and allowed users to access enhanced digital services and businesses to leverage the enhanced network.
  • MTN Rwanda remains committed to creating shared value and making a positive impact on the communities it serves through various initiatives, including Project Twese and the 21 Days of Yello Care initiative.
  • The company expects further growth in the economy in the second half of the year and is focused on achieving 99.99% population coverage by the end of 2023.

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About MTN Rwandacell Plc (

MTN Rwandacell PLC (MTN Rwanda) is the market leader in mobile telecommunications in Rwanda. Since 1998, we have continuously invested in expanding and modernising our footprint and are the country’s No 1 network. MTN Rwanda offers various innovative services to consumers and enterprises, including personalised voice, data, home and fixed connectivity solutions. The company is also the front runner in Mobile Financial Services in Rwanda delivered through its FinTech subsidiary, Mobile Money Rwanda Ltd. MTN Rwandacell Plc is listed on the Rwanda Stock Exchange

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