ADDIS ABABA – State-run Ethio Telecom saw total revenues increase by 31% in 2019/20 fiscal year compared with the previous year, its CEO said on Thursday.
The company’s total revenue reached 47.7 billion Ethiopian birr, with subscriber numbers reaching 46.2 million.
This has shown more than 11bln increase from the amount collected in the preceding 2018/19 FY, during which the firm garnered 36.3 billion birr.
“We have managed to deliver more than what we aimed for,” Ethio Telecom CEO Frehiwot Tamiru said, indicating that the revenue is 4 percent higher than the target.
A similar achievement has been registered in terms of generating foreign currency after the state-run firm collected 147mln USD.
It has shown a 50% increase from the previous year and registered as a record for the firm to date, according to Ethio telecom’s officials.
The company’s current 46.2 subscribers include 44.5 mobile voice and 23.8 million internet customers.
Despite progress, Frehiwot said the fiscal year did not pass without challenges.
Telecom fraud, power interruption, COVID-19, infrastructure and security vulnerabilities were among the challenges that hindered the company’s performance in the reported period.
Measures taken to curb the COVID-19 pandemic affected its three-year plan that aims at expanding 4G network and upgrading other network services.
Because of the epidemic, the project could not be performed as it was initially planned, the CEO said, adding that more efforts will be exerted to realize the plan in the current fiscal year.
During the budget year, Ethio telecom’s officials said the firm paid 11.3 billion birr tax and made a total of 1.1 billion birrs contribution in support of an effort to ease the impact of COVID–19 pandemic in the country.
By Mhret G/krisots