Ethio Telecom Expects Annual Revenue to Grow by 22.4%

ADDIS ABABA – Ethio Telecom expects its annual revenues to show a 22.4% growth during the 2022/23 Fiscal year, with the help of a new three-year growth strategy.

The state-run telecom’s revenues increased by 8.5% to 61.3 billion Birr while its subscribers grew by 18.4% to 66.59 million last year.

Its officials attributed the increases mainly to network and system expansion as well as optimization works.

This year, Ethio-telecom CEO Frehiwot Tamiru said the growth both in terms of revenues and subscribers base will continue.

The CEO says this at the official launching of a newly developed three-year growth strategy called LEAD aiming at making Ethio Telecom the preferred telecom service provider in Ethiopia.

In this fiscal year, the telco says the plan is to increase its subscriber base by 10.3% to reach 73.5 million; mobile voice customers by 10.5% to reach 71 million; fixed broadband customers by 37.4% to reach 696,700, and the teledensity by 68%.

“We also aim to generate 75.05 billion birr, a 22.4% increment, by engaging in new business streams and shifting revenue sources from traditional to value-added services, offering local and international products & services to the market, increasing Telebirr’s access, service types and partners, improving service delivery and by increasing customer satisfaction, retention, and loyalty,” it says.

Ethio telecom said the firm already achieved 98% of its target in the last two months of the fiscal year.

LEAD Growth Strategy

CEO Frehiwot said the company has conducted vast reform activities in the last four years and achieved remarkable achievements in multiple arenas.

Its management has now developed a new three-year Growth strategy called LEAD Strategy.

The strategy envisions providing services beyond connectivity, enabling inclusive growth by providing digital and financial services, and simplifying the daily activities of organizations and individuals.