Ethio Telecom nets 8 billion birr
By Kaleyesus Bekele
The state owned telecom operator, Ethio Telecom, has earned a net profit of 8.18 billion birr in the first half year of the 2022-2023 budget year.
At a press briefing held on Thursday at Ethiopian Skylight Hotel, CEO of Ethio Telecom, Frehiwot Tamru said that the company’s net profit is almost equivalent to the profit made in the last budget year. Ethio Telecom made a net profit of nine billion birr in the 2021-2022 budget year.
Ethio Telecom generated 33.8 billion birr revenue in the first half year. The revenue shows a surge of 20 percent compared to the same period last year. The company has generated 64.8 million dollars from international business. The number of subscribers has reached 70 million-up by 15.1 percent.
The number of mobile voice subscribers has reached 67.7 million, mobile and data subscribers 31. 3 million and fixed broad band 566,200.
Frehiwot said that the company has been expanding and revamping its network and services. She attributed the remarkable achievement to the clear direction set by the management and board of the company and the employees who executed their duties responsibly.
Frehiwot said the company has implemented a cost saving program that enabled it to save 3.5 billion birr in the first six month operation. “That is the most important thing we did. Reducing our operation cost and boost our profitability,” the CEO told reporters.
Ethio Telecom paid 14.6 billion birr in tax payment to the government and 3.4 billion birr loan repayment for projects carried out through vendor financing. The company has spent 294 million birr to discharge its corporate social responsibility.
Tele Birr, Ethio Telecom’s mobile money service, which was launched in May 2021 has attracted 27.2 million customers. So far more than 217 billion birr has been transacted through telebirr and 1.6 million USD from international remittance. Eighteen banks have integrated their payment system with telebirr.
Frehiwot said Ethio Telecom is striving to improve the lives of the mass by building digital Ethiopia and inclusive financial system. The microfinance system it introduced last year is benefiting millions.
Ethio Telecom closed its three year growth strategy dubbed “BRIDGE” with outstanding results of 75.6 percent growth in customer base, 76 percent growth in revenue, 104 percent growth in foreign currency earning, and 142 percent growth in net profit.
At the beginning of this budget year the company unveiled a new three year strategy called “LEAD” which is devised with a vision of providing services beyond connectivity, enabling inclusive growth by providing digital and financial services and simplifying the daily activities of citizens and organizations.
The international telecom rating firm, GSMA, has ranked EthioTelecom 22nd of 781 operators in the world and second in Africa198 operators. “Ethio Telecom has become a giant telecom operator,” Frehiwot concluded.
