Ethiopia-Economy

Ethio-telecom bags $594m profit in Q2

APA-Addis Ababa (Ethiopia)

Ethio-telecom announced an over $594 million profit in the first half of this Ethiopian fiscal year (July-December 2018), achieving 80 percent of the target.

Earnings from Mobile phone accounted for 63%, data and internet service 28.7% and while international business attracted 5.5% of the total revenue, the company’s statement issued on Monday said.

The statement stated earnings before interest, tax, depreciation, and amortization registered for the period is more than $414 million which represented 91% of the targeted.

Total customer base has reached 41.1 million which is 91.5% achievement from the targeted 44.91 million, while mobile voice subscribers were 39.54 million, data and internet (data & internet only) subscribers reached 426,000 and fixed line customers hit over 1.14 million while data and internet users have reached 19.49 million.

Telecom density has reached 43%, the statement added.

Ethio-telecom is the state monopoly company and provides service to about 50 percent of the over 100 million population of the east African nation.


MG/abj/APA

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