MTN Rwanda reported a total revenue of 261.6 billion Rwf for the year 2024, marking a 4.9 percent increase from the previous year, despite an eight percent decline in active data users.
The growth was primarily driven by strong service revenue, particularly in Mobile Money, and a solid customer base, which helped offset the drop in data consumption.
The telco on Thursday released its audited financial statements for the year ending December 31, 2024, reporting a 4.9 percent increase in total revenue, which amounted to 261.6 billion Rwf ($186 million), compared to 249.4 billion Rwf ($178 million) in 2023.
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The telco’s service revenue grew by 4.6 percent to 257.7 billion Rwf, reflecting strong performance in the second half of the year, particularly the fourth quarter, which saw a 13.6 percent increase. The rise in service revenue was driven by the growth of Mobile Money and a solid customer base. This growth, coupled with prudent capital allocation, helped MTN Rwanda achieve a Profit After Tax (PAT) of 5.3 billion Rwf in Q4 2024, marking a significant rebound from a loss of 10.8 billion Rwf in the first nine months of the year.
In particular, even though the number of active data users fell by eight percent, data income rose by 0.2 percent to 45.2 billion Rwf. During the reviewed period, voice revenue decreased 17.8 percent to 68.7 billion Rwf.
After a loss of Rwf 10.8 billion for the nine months ending in September 2024, this indicates a 328.9 percent year-over-year (YoY) increase in profit after tax as compared to Q4 2023.
MoMo reports 116.6 billion Rwf rise in revenue
Mobile Money Rwanda Limited (MMRL), MTN’s fintech subsidiary, also reported a rise in revenue of Rwf116.6 billion which is a 30.3 percent increase from the previous year.
MoMo transactions increased in value by 47.1 percent to 21 trillion Rwf and in volume by 18.5 percent to 1.9 billion Rwf.
Strategic investments in connectivity and technology strengthened MTN Rwanda’s position as the country’s top network provider, resulting in a 30.3 percent YoY increase in Mobile Money. Advanced services contribution to overall MoMo revenues rose to 27.6 percent.
This growth was made possible by the widespread adoption and use of fintech services.
The introduction of reasonably priced data packages helped fuel a 35.7 percent increase in data usage per active user, which in turn drove a tiny 0.2 percent YoY growth in data income.
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MTN Rwanda invests 200 million Rwf in corporate social responsibility
MTN Rwanda continues to spearhead significant projects that promote long-term sustainability and community development in keeping with its ESG Program and Corporate Social Investment (CSI) commitment.
Through its collaboration with UNICEF Rwanda, the corporation invested more than Rwf 200 million in 2024 in projects that would improve Rwandans’ quality of life and close the digital divide. Education, child protection, and nutrition were given special attention.
By funding UNICEF’s nutrition campaign, supporting child online safety research, and giving over 1.5 million customers free access to e-learning, this partnership strengthened MTN Rwanda’s dedication to a secure digital environment for young people.
MTN Rwanda CEO Mapula Bodibe emphasised that the company will keep concentrating on projects that promote operational resilience and quicken commercial growth.
“We are encouraged by the recent trends in our business, particularly the Q4 momentum in topline growth and profitability,” Bodibe noted. “We expect this positive momentum to be supported by continued strong economic growth and benign inflation conditions.”