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Ethio telecom's 26pc Revenue Leap in Turbulent Times

Jan 23 , 2024

The state-owned telecommunications provider has posted a substantial 26pc increase in its revenue for the first half of the fiscal year, amounting to 42.9 billion Br. The surge in revenue marks a significant uptick from the same period in the previous year.

Firehiwot Tamiru, the CEO of Ethio telecom, attributed this growth to the company's aggressive expansion strategies, which have been implemented despite various limitations such as foreign exchange shortages, security-related service interruptions, infrastructure theft, and fraud attempts.

Despite these adversities, Ethio telecom achieved a net income of 11.05 billion Br and generated 84.7 million dollars in foreign currency, a 14pc increase from the same period last year. The company's cost-saving business model, coupled with strategic product disposals and space rentals, played a crucial role in this financial upswing.

However, Firehiwot acknowledged that inflation had significantly impacted the company's operational costs.

Ethio telecom has expanded its customer base, which has now reached 74.6 million. The deployment of extensive 4G connectivity across 340 towns along with 3G and 5G resulted in 1.92 million users. The company's mobile application, Telebirr, has seen a rapid adoption rate, with over 41 million subscribers conducting transactions totalling 1.7 trillion Br.

Ethio telecom entered into a deal with Safaricom Ethiopia, its only competitor in the market, sharing 1,310 mobile sites.

"We're way ahead of our competitor," said Firehiwot, citing the company's performance metrics as evidence of its leading position. "The figures are on our side."

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