MTN Rwandacell’s mobile subscribers increased by 5.3% year-on-year to 7.6 million in the nine months to September 30, but active data subscriber numbers declined by 10.3% to 2.3 million.
Service revenue increased 1.6% to Rwf189.3 billion (R2.4 billion) earnings before interest, tax, depreciation and amortisation (EBITDA) decreased 22.6% to Rwf65.7bn. The profit after tax came to a loss of Rwf-10.9bn, impacted by a lower EBITDA and an increase in depreciation on tower leases.
“MTN Rwanda remains focused on accelerating its commercial momentum, increasing service revenue, enhancing operational efficiency and fortifying its balance sheet. The company continues to prioritise strategic initiatives to address regulatory challenges,” MTN Rwanda CEO Mapula Bodibe said in a statement.
The MTN Group subsidiary said it anticipated low double-digit percentage growth in service revenue for the full financial year, assuming a new directive on MTR (mobile termination rates), while growth would be single-digit in percentage terms without MTR.
Bodibe said Rwanda’s economy had continued on a solid growth trajectory through the year. The Rwanda central bank’s latest monetary policy statement showed real GDP expanded by 9.8% in the first half of 2024, with strong contributions across all sectors.
The Rwandan franc remained under pressure against the dollar over the first nine months of the year, with an average depreciation of 14.8%.
Close engagement was maintained with the Rwanda Utilities Regulatory Authority on issues affecting operations including the zero-rating of local MTRs and the interconnect costs associated with permanent roamers in the one network area region.
“We are participating in and following up on the MTR study being conducted to determine the applicable MTR which will be determined before the end of the year,” Bodibe said.
“Given the strong headwinds facing our business, we are encouraged to have delivered a relatively resilient topline performance supported by the sustained growth in our subscriber base,” he said.
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