The first half of the year showcased robust financial performance, with Overall service revenue growth of 14.7% YoY, supported by a solid increase of 6.0% in subscriber base to reach 7 million subscribers, with robust revenue growth across all business units.
Data revenue sustained its positive momentum, growing by 22.5%, driven by a 5.1% growth in active data users as well as a 12.9% increase in Data usage per active data customer, which managed to offset a 0.9% decline in voice revenue growth. Smartphone penetration increased by 3.0pp to 24.5%, driven by the macye macye device financing program. The number of connected homes witnessed remarkable growth, surpassing 7,000 (a 58.2% increase), while our enterprise business experienced a double-digit revenue surge of 20.5% year on year.
Mark Nkurunziza, MTN Rwanda Chief Finance Officer, expressed enthusiasm for the half-year results, stating, "We are pleased to present our half-year results, showcasing strong growth across all our business units. EBITDA demonstrated a modest improvement of 4.8% during the first half of 2023, achieving a commendable EBITDA margin of 45.1%. Though we encountered challenges due to the macro-economic landscape, we are optimistic about the second half of 2023, anticipating improved EBITDA margins driven by the roll-out of our own 4G network and the continued implementation of our expense efficiency program (EEP)."
MTN Rwanda’s subsidiary, Mobile Money Rwanda Ltd. (MMRL), continues to shine, reporting impressive YoY revenue growth of 35.7% largely attributed to the success of advanced Mobile Money (MoMo) services. Notably, advanced MoMo services, such as Payments, Banktech, and Remittances, experienced remarkable growth of 38.8%, 206.8%, and 197.7% respectively, contributing 22.9% to the overall MoMo revenue.
Mapula Bodibe, MTN Rwanda Chief Executive Officer, emphasized the company’s strong dedication to creating shared value and fostering a positive impact on the communities it serves. One of their commendable initiatives, known as Project Twese, focuses on promoting inclusivity by enabling front-facing staff to communicate using sign language, showcasing MTN Rwanda’s unwavering commitment to diversity and inclusion for all Rwandans.
In June 2023, the company embarked on the "21 Days of Yello Care" initiative, which empowered grassroots entrepreneurs through enriching capacity building workshops and provided financial support to outstanding entrepreneurs.
Furthermore, as part of their Corporate Social Investment (CSI) programs, MTN Rwanda continued to contribute significantly to the upliftment of Rwandans through its community projects. A prime example of this contribution can be seen in the construction of the 3 in 1 home to the Unity Club’s community project and the support provided for the construction and upgrade of the Bweyeye Maternity Ward.
Bodibe further highlighted, "MTN Rwanda achieved a solid financial performance in the first half of 2023, exemplifying our commitment to leading digital solutions for Rwanda’s progress. Our strategic focus remains unwavering, with a continued focus on the Ambition 2025 strategy driving growth and strengthening our position as a leading telecommunications provider in Rwanda. The rollout of MTN Rwanda’s 4G network will offer unparalleled connectivity and an enhanced customer experience, propelling the adoption of digital services and transforming access to the internet."
As the second half of the year unfolds, MTN Rwanda is poised for further growth, investing in its network and platforms to achieve 99.99% population coverage by the end of 2023.
The company expresses profound gratitude to its valued customers and esteemed stakeholders for their continuous support over the past 25 years.