Ethiopia’s telecom giant bags over $1.62bn
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Ethio Telecom, the state-owned telecom provider in Ethiopia, announced on Wednesday that it earned 93.7 billion birr (more than $1.62 billion) during the just ended Ethiopian fiscal year.
The CEO of Ethio Telecom, Frehiwot Tamru, said that the telecom provider’s performance in 2023/2024 Ethiopian fiscal year which ended on July 8,2024 was “effective”, marking a 21.7 percent increase from the previous year.
The company’s foreign exchange generation has shown a 20.7 percent increase from last year reaching a total of $198.2 million achieving 117.5 percent of its target.
Regarding subscriber Base, Tamiru said the company’s total subscribers reached 78.3 million, achieving a 100.4 percent of its target for the year.
Regarding mobile money transfer, Telebirr, Ethio Telecom’s mobile money service, now boasts 47.5 million subscribers, with a total transaction value of 1.81 trillion Birr.
The CEO expressed satisfaction with the company’s performance: “Driven by customer demand and prioritizing customer satisfaction in the dynamic telecom market, we have quadruped our net profit in the last six years, solidifying our position as a leading and trusted service provider.”
Prime Minister Abiy Ahmed said in February that the government was considering selling 10% of Ethio Telecom via a local stock exchange that is being launched this year.
Source: apanews.net
