CEO Frehiwot Tamru speaking at press briefing on Ethio Telecom’s business performance report covering from July to December 2023.
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Ethio Telecom’s Six-Month Revenues up by 26% to 42.8bln Birr

ADDIS ABABA – Ethio Telecom says it has secured more than 42.8 billion Birr revenues from its operation during the first half of the current 2023/24 fiscal year.

The revelation was made by CEO Frehiwot Tamru today at a press briefing on Ethio Telecom’s business performance report covering from July to December 2023.

According to her report, the telco saw its six-month revenues jump by 8.86 billion Birr or 26% compared to the same period last year but narrowly missed its target.

“During the half-year, our company generated a total of 42.86 Billion Birr in revenue and achieved 98% of its target through expanding its revenue sources, providing affordable new and revamped products and services,” the telco says.

At the same time, the state-owned telecom operator has added 4.7 new subscribers, bringing its total customer base to 74.6 million.

The majority of them or 71.7 million are subscribers of the Mobile Voice service.

This service generated the highest revenues from all service types and contributed a 41.8% share of the telco’s six-month earnings.

The rest came from data & internet (25.7%), international business (9.3%), value-added services (8.7%), devices sales (5%), Telebirr (2.5%), infrastructure share (1.1%), and others (5.9%).

The telco also secured 84.7 Million USD in foreign exchange from international interconnect, roaming, infrastructure share and remittance, attaining 109% of its target.

The six-month performance report put Ethio Telecom’s net profit at 11 billion Birr and its profitability rate at 26%.

“The outstanding performance was recorded amid challenges and the competitive market,” Ethio Telecom says.

These challenges include service outages due to security problems, power interruption, lack of foreign currency, cable vandalism, delays in land acquisition, and telecom fraud.

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