Ethio Telecom 6-month Revenues Increases 32% year-on-year

ADDIS ABABA – State-run Ethio Telecom saw total revenues increase by 32% in the first half of the current Ethiopian fiscal year compared with the same period last year, the company said on Wednesday.

Ethiopia’s sole provider of telecom service generated over 22 billion birr or approximately 687 million U.S. dollars in the past six months, announced its CEO, Frehiwot Tamiru. Its number of subscribers has reached 45.6 million.

Frehiwot said the company managed to register “very successful results” when compared to its plan for the period.

Almost 104% of its target for the period has been accomplished – showing healthy growth as it prepares for foreign competition.

“We have managed to increase our revenue not only through revamping our existing products and launching new ones but also reducing our expenses,” Frehiwot told reporters at the company’s headquarters.

Ethio Telecom announced a three-year plan in August aimed at increasing its competing capability as the government plans to open up the largely state-controlled economy to private investment.

In July last year, the Ethiopian government said it would award two telecoms licenses to multinational mobile companies.

Plans for Ethio Telecom are not yet public, although it has appointed international firm KPMG to value its assets.

By Mhret G.Kristos

[Photo File/Mhret G.Kristos]