MTN Rwanda’s Board of Directors has approved a recommendation to distribute Rwf5,724,860,000 as dividends to shareholders. This recommendation awaits shareholder approval at the upcoming Annual General Meeting.
The payout will equate to approximately Rwf4.24 per share. “Subject to Shareholder approval, the Dividend will be paid out on 3 July 2024, to those shareholders recorded in the Share Register as of 7 June 2024,” states part of the resolution.
This decision comes amid a period of slow financial growth for the telecommunications company. In 2023, MTN Rwandacell Plc’s net earnings dropped by 28.9% to Rwf11.4 billion, despite an 11% increase in service revenue to Rwf246.5 billion and a 6.5% year-on-year growth in its subscriber base.
The company attributed the earnings decline to higher finance costs associated with tower leases and the depreciation of the Rwandan franc, which has impacted their foreign obligations.
