Agenda | Aug 26,2023
The state-owned Ethio telecom closed off the financial year with 61.3 billion Br in revenues.
Though it is an 8.5pc jump from the previous year's performance, the telecom operator's executives, led by CEO Frehiwot Tamiru, say outages brought on by miltarised conflict and instability at nearly 3,500 sites were a hamper.
Mobile voice services provided to 64.5 million subscribers accounted for 51pc of total revenues while data and internet made up a quarter of earnings. The company generated close to 147 million dollars from its international business operations.
Ethio telecom's Telebirr mobile money platform facilitated remittances of almost one million dollars last year.
The operator was one of over two dozen of the country's largest state-owned enterprises (SOEs) to come under the purview of the Ethiopian Investment Holdings (EIH) earlier this year. Others include the Ethiopian Airlines Group, the Commercial Bank of Ethiopia (CBE), and the Ethiopian Insurance Corporation.
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