MTN Rwanda’s half-year profit more than triples to $11.7 million on mobile money, data growth

MTN Rwanda, Rwanda’s largest telecommunications operator, more than tripled profit in the first half of 2026 as stronger revenue from mobile money and data services helped lift earnings. Profit after tax rose 191.2 percent to Rwf17.2 billion ($11.7 million), from a restated Rwf5.9 billion ($4 million) a year earlier, according to the company’s interim financial statements.

The Kigali-based telecom operator’s results were supported by higher revenue across its main businesses, tighter control of expenses and a decline in net finance costs. Total revenue rose 21.5 percent to Rwf168.6 billion ($114.5 million), from Rwf138.8 billion ($94.3 million) in the first half of 2025.

Service revenue, which accounts for nearly all of the company’s revenue, increased 21.9% to Rwf167.5 billion ($113.75 million) from Rwf137.4 billion ($93.3 million). Mobile Money was the biggest contributor, with revenue from the business rising 31.3 percent to Rwf90.1 billion ($61.2 million), compared with Rwf68.6 billion ($46.6 million) a year earlier.

Data revenue also increased, rising 14.3 percent to Rwf26.7 billion ($18.1 million) from Rwf23.3 billion ($15.8 million). The increase came as data traffic climbed 63.6 percent and the number of 4G customers rose 40.9 percent to 1.9 million. Voice revenue grew 7.1 percent to Rwf34.1 billion ($23.2 million), helped by an increase in subscribers and the return of mobile termination rates in August 2025.

EBITDA rises as financing costs fall

The stronger revenue fed through to operating earnings. Earnings before interest, tax, depreciation, and amortization, or EBITDA, increased 30.4 percent to Rwf70.5 billion ($47.9 million), from Rwf54.1 billion ($36.7 million). That lifted the EBITDA margin by 2.8 percentage points to 41.8 percent.

MTN Rwanda also spent less on financing. Net finance costs fell 10.5 percent to Rwf16.8 billion ($11.4 million) as the company reduced its debt. Basic earnings per share rose 188.6 percent to Rwf12.7 ($0.0088), from Rwf4.4 ($0.0027).

Capital spending fell 44.9 percent to Rwf12.1 billion ($8.21 million). Excluding leases, capital expenditure was Rwf11.2 billion ($7.6 million), down 0.8 percent. The company said the lower spending reflected a shift away from the heavier network investments made earlier. Adjusted free cash flow rose 38.7 percent to Rwf59.3 billion ($40.25 million).

The improvement in earnings came alongside continued growth in MTN Rwanda’s customer base. Total mobile subscribers increased 11.4 percent from a year earlier to 8.7 million, while active data users rose 14.5 percent to 2.7 million. Active MoMo users increased 14.9 percent to 6.4 million.

MTN Rwanda reshapes debt structure

MTN Rwanda has also taken steps to reshape its borrowing. On July 28, after the reporting period, the company secured a Rwf40 billion ($27.15 million) five-year syndicated bank facility. The loan includes a two-year grace period on principal repayments, giving the company more time before it begins repaying the principal and extending the maturity of its debt.

The company is also operating as Rwanda expands its digital payments infrastructure. The nationwide rollout of eKash, the country’s unified digital payment system, took effect July 14. Under the system, retail inter-wallet and bank transfer fees are capped at Rwf20 ($0.01) for transactions below Rwf10 million ($6,780), a move aimed at making digital payments more accessible.

For MTN Rwanda, the first-half results show how the company’s core businesses are contributing to earnings at different rates. Mobile Money remains its largest revenue driver, while rising data use and a larger 4G customer base continue to support growth in digital services. At the same time, lower finance costs and reduced capital spending helped the company retain more of the revenue it generated during the period.