MTN Rwanda projects Rwf90bn revenue for 2017

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Bart Hofker MTN CEO during an interview in October. / Faustin Niyigena

MTN Rwanda is projecting to rake in revenues in the upwards of Rwf90 billion (about $106M) in 2017, the company’s officials have said.

This puts the telco, which is the biggest in the country by market share, among the highest earning firms in the country

Last year, the firm earned Rwf77B.

Bart Hofker, the Chief Executive of the telco said that they are optimistic about growth in 2018 and would continue to invest in boosting technology.

MTN Rwanda this year invested about $18M to boost their network capacities and is set to invest $20M in 2018, he said.

These investments include expanding 3G coverage across the entire country to ensure better speeds, reliability and penetration.

The impressive revenue projections were posted at a time when most would have expected a slowdown in performance and revenue following their $8.5 million fine by Rwanda Utilities Regulatory Authority (RURA).

The firm said that the fine would be cleared by the end of the year and was funded by not paying dividends in the last shareholder meeting.

MTN Rwanda shares are being traded on the local bourse by Rwanda Stock Exchange, through Crystal Telecom, after the latter floated its 20% equity in the telco.

Crystal Telecom is a subsidiary of Crystal Venture.