FY 2021: MTN Rwanda Key metrics

Key metrics:

•   Mobile subscribers increased by 360k to 6.4 million

•   Active data users increased by 495k to 2.12 million

•   Mobile Money (MoMo) users increased by 424k to 3.7 million

•   Service revenue increased by 24.1% to Rwf 184.9 billion 

•   Earnings before interest, tax, depreciation, and amortisation (EBITDA) grew by 20.4% to Rwf 89.7 billion 

•   EBITDA margin at 47.7% 

•   Profit after Tax (PAT) grew by 10.9% to Rwf 22.4 billion

Financial highlights

The financial performance for the year 2021 showed the resilience of our business. Voice revenue increased by 12.1% and accounted for 47.4% of total service revenue. The performance was supported by our decision, at the start of the year, to make permanent our offer to allow subscribers to use any voice bundle to call other mobile networks in Rwanda at no additional cost. This also had a significant positive impact on customer retention and acquisition.

Operationally, our subscriber base grew to 6.4 million overall furthering our leadership to 63.8% market share. However, growth slowed down in the last quarter of the year following the introduction of new sim registration guidelines in September 2021. As new sim registration approved points of sale are rolled out, we expect a reacceleration in subscriber growth.

Overall, Service revenue grew by 24.1% and EBITDA by 20.4% to achieve an EBITDA margin of 47.7% supported by growth in voice, data, and mobile financial services.  EBITDA margin softened by 1.3pp mainly due to increased 4G uptake resulting in additional data cost of sales as well as operational expenditure relating to the setup of a modernized Network Operating Centre (NOC), which was outsourced to improve on the network monitoring systems. 

We continued to focus on driving our industry-leading connectivity business and voice revenue growth of 12.1%. Data revenue grew by 18.9% as active data users grew by 31.3% to 2.1 million, with robust growth in data usage which increased by 35.3%. 

Source: https://www.mtn.co.rw/investors-trading/financial-reporting/annual-results/