APA-Addis Ababa (Ethiopia) The state-owned telecom operator has posted a 23.5 percent rise in annual revenue to over $1.37 billion during the past Ethiopian fiscal year which ended July 7, 2023.
CEO of Ethio Telecom Frehiwot Tamiru on Tuesday told reporters that the company achieved 101 percent of its revenue target for the year while taking its gross profit to over $330 million.
“By offering 203 products and services, we have managed to earn 75.8 billion birr (over 1.37 billion U.S. dollar) during the budget year, up from 61.3 billion birr ($1.11 billion) which was earned in the previous budget year”, said Tamiru in a briefing.
According to the CEO, Ethio Telecom, which is recognized as the oldest telecom operator in Africa, has championed growth over the years through introducing new technologies, expanding mobile network coverage and offering customer oriented services.
The CEO said Ethio- Telecom stands 1st in terms of affordability in Sub-Saharan Africa and 4th globally while with regard to customer base it ranked 2nd out of 195 telecom operators in Africa and 21st out of 774 telecom operators worldwide.
CEO of Ethio-Telecom, which is recognized as one of Africa’s oldest telecom service providers, said the company’s mobile subscribers has reached 72 million, with 69.5 million of them are voice subscribers and 33.2 million data and Internet users
The company is currently the subject of an active privatization bid as the telecom business in the country of more than 115 million people attracts investors.
In November, regulators revived a process to sell off the government’s 40 percent stake in Ethio Telecom and issue a second full telecom operator license to private investors.
MG/as/APA