Agenda | Sep 28,2024
Jul 10 , 2024
The state-owned teleco company netted 21.7 billion Br in the financial year, posting a 21.7pc jump in revenues to 93.7 billion Br from last financial year. While it has not enjoyed a monopoly since the entrance of Safaricom Ethiopia three years ago, its annual revenues have taken a leap with the competition.
The centenarian operator increased its customer base by 8.9pc to reach 78.3 million, with an 85.4pc geographical coverage. Its nearly three-year-old mobile money service, Telebirr, is used by 47.5 million users, and transactions valued at 2.55 trillion Br have occurred to date. A 73pc of the transactions occurred during the ended fiscal year, reflecting the service's accelerated growth.
CEO Frehiwot Tamiru attributed foreign currency shortages to complete projects, theft, vandalism of equipment, and conflict in some parts of the country for problems Ethio telecom during the year. Cyber attacks also presented a novel nuisance as the operator overcame 732,000 threats throughout the year. The CEO disclosed that a deal with an international financier for a foreign currency loan will relieve some pressure on the company in the coming year. She had declined to disclose the identity of the company.
“We're awaiting approval from the government,” Frehiwot told Fortune.
Ethio-telecom, slated to issue a 10pc ownership stake to the public in the soon-to-be-launched capital markets, earned around 198 million dollars in the year from its international services, while delayed access to land impeded its growth in certain regional states.
According to Frehiwot, ongoing talks are currently happening with the Addis Abeba City Administration to address its demand for land while temporary towers are being used to prevent service disruptions due to ongoing corridor developments.
A part of the country’s sovereign wealth fund, the Ethiopian Investment Holding, the state telecom operator paid off 9.97 billion Br in dividends and around 21.79 billion Br in taxes.
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