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Half Year Report: MTN records $64.2 million net profit in Rwanda, Uganda

Published

1 year ago

August 14, 2023

The Ugandan and Rwandan subsidiaries of telecommunications company, MTN Group recorded a net profit of $64.2 million for the six-month period that ended June 30, 2023.

MTN Uganda, the country’s market leader, overcame high costs associated with staff, energy, leases, external service spending, and capital expenditure to post positive results, with its profit after tax increasing by 17.8% to $62.7 million from $50.3 million reported in the same period last year.

The Chief Executive of MTN Uganda, Sylvia Mulinge, said during the release of the results that “during the first half of 2023, we delivered a resilient performance in uncertain evolving and global macroeconomic conditions.”

Profits for its Rwandan affiliate decreased 43.2% to $1.5 million from $2.6 million during the same period last year as voice call sales and the steep depreciation of the Rwandan franc versus the US dollar had a significant negative impact on earnings.

“Macroeconomic conditions remain elevated with the inflation rate gradually reducing in the first half year 2023 by 7.9 pp (percentage points) to 13.7 per cent, driven by the government’s fiscal and monetary interventions,” said Mapula Bodibe, MTN Rwanda CEO in a statement.

“Despite navigating these challenges, our unwavering focus remains on implementing our Ambition 2025 strategy, propelling growth and fortifying our position as a leading telecommunications provider,” she added.

Due to an increase in mobile phone, broadband, and mobile money subscribers, MTN Rwanda reported an increase in income from $90.3 million to $103.6 million. Due to an increase in active data users and a 12.9% rise in data bundle usage per active subscriber, data revenue increased by 22.5%.

The financial statistics show that “Smartphone penetration improved by 3 pp to 24.5% as we continue to promote and expand our macye macye campaign offers.”

Related Topics:Featured MTN Profit Rwanda Uganda

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Moroccan annual inflation rises to 0.8% in November

Published

1 day ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

VenturesNow

Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

3 days ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”