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.
Viewpoints | Aug 08,2020
Radar | Apr 30,2024
Radar | Dec 12,2020
Radar | May 23,2021
Fortune News | Sep 11,2020
Commentaries | Mar 05,2022
Radar | Jan 09,2021
Fortune News | Mar 05,2022
Radar | Jan 19,2024
Agenda | Mar 20,2021
My Opinion | 116646 Views | Aug 14,2021
My Opinion | 112672 Views | Aug 21,2021
My Opinion | 111593 Views | Sep 10,2021
My Opinion | 109420 Views | Aug 07,2021
Nov 30 , 2024
In the corridors of government offices worldwide, the question of how much to pay mem...
Nov 23 , 2024
The fiscal puzzle deepens as the Council of Ministers approved a supplementary budget...
Nov 16 , 2024
In the realm of public finance, balance sheets speak louder than rhetoric. In such do...
Nov 9 , 2024
Ethiopia's foreign exchange debacle resembles a tangled web of contradictions and con...
Loading your updates...