Ethiopia-Economy

Ethio telecom rakes in over $746 m in revenue

APA-Addis Ababa (Ethiopia)

Telecom giant, Ethio telecom says it has collected over $746 million in revenue from its service sales during the first half of this Ethiopian fiscal year which ended on January 9,2020.

The company has realised 104 percent of what it had planned for the first half of the budget year, Ethio Telecom CEO Firehiwot Tamiru said in a briefing on Thursday.

Firehiwot said the earning is one of the highest achievements registered and would have been even more had it not been for telecom fraud which took away $3.3 million during the period.

She further said revenue from mobile services contributed the lion’s share of the total amount, fetching over 50.49 percent, and internet services and international telecom services contributed 27.3 and 9.8 percent of the revenue, respectively.

According to the CEO, the cash flow for the 126-year-old company, serving 45.6 million subscribers, was healthy and positive and saw a 10.9 percent increment over the last six months.

According to Frehiwot, $73 million foreign currency was generated from services it delivered to international business, showing an increase of 116 percent from the same period of the last budget year.

The CEO attributed to better achievement to reforms in system, structure, human power capacity building and efficient mobilization as well as usage of resource.

The company reportedly faced frequent challenges of power outage, internal and external telecom frauds, it was pointed out.

Firehiwot also attributed the better achievement to the reforms in system, structure, human power capacity and also the efficient mobilization and usage of resources as well as the introduction of alternative services. 

The revenue saw a 32 percent increase compared to the same period last year.

The national telecommunication density stands at 45.4 percent with mobile voice subscribers representing 44.03 million, data and internet users 22.74 million, and landline service subscribers 1.01 million.


MG/as/APA

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