PRESS RELEASE: Crystal Telecom releases mid year performance results

Mobile Financial services have expanded through newly introduced products like MoKash, a micro-lending facility under the Loans and Savings scheme, with currently over 500,000 active users.

PRESS RELEASE

Mobile Financial services have expanded through newly introduced products like MoKash, a micro-lending facility under the Loans and Savings scheme, with currently over 500,000 active users. Overall, a growth of 40% has been realised under Mobile Money Services with over 1.2 Million active subscribers.

With 25% growth in active data users, 2017 mid-year data revenue is already up by 7% year on year.

As a result of the recognition of the fine imposed by RURA for non-compliance by MTN Rwanda, Crystal Telecom has registered a negative share of profits of FRw 985.2 million. More details about financial performance can be found on the CTL website (www.crystaltelecom.co.rw).

Notwithstanding the effect of the fine imposed, MTN Rwanda recorded a strong performance during the period and management anticipates a stronger performance for the full year. MTN Revenue grew by 6% YOY across all business lines boosted by strategy on increasing revenue base growth (consumption per customer).

Crystal Telecom’s investment asset (MTN Rwanda) expects a double-digit growth in data revenues over the next 2-3 years.

To further increase capacity to reach all Rwandans, investment in CAPEX funding for the next 12 months will make up 18% of revenue, the majority of the capex spend is on expanding and modernizing the network.

Against this backdrop, CTL management is confident in the solid business matrix and a positive outlook for FY17. Indications show the company will be in a dividend paying position by next year.

ADVERTISEMENT