MTN Rwandacell Company Overview
Attractive Return Profile | EBITDA performance
EBITDA
(FRw bn)
EBITDA
Margin
29%
30
2018
41%
49%
74
CAGR: +57.4%
51
2019
EBITDA Margin Evolution
2020
EBITDA FY2020 grew year on year by 45%
The main drivers of the strong year on year EBITDA growth from 2019 to 2020 were:
• Overall year on year growth of Revenues by 21% with voice, data and Mobile Money revenue streams contributing 90%
of the total revenues
• Efficiencies in terms of costs as OPEX intensity decreased from 35% in 2019 to 26% in 2020.
Source: Company information
40
40
EBITDA Drivers
The EBITDA increase in FY2019 is partly attributed to
the introduction of IFRS16 where lease costs were
capitalized.
The EBITDA margin for 2020 shows an increase of
8p.p mainly due to a 21% YoY Revenue increase and
cost efficiencies.
The eradication of physical vouchers also helped in
reducing overall costs.
OPEX also reduced with more adoption of digital
channels for marketing activities. Travel costs were
also affected by the general COVID-19 lockdown as
staff embraced online platforms for meetings.
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