Ethio telecom Posts 162B Br Revenue, Misses Forex Target

Ethio telecom has posted 162 billion Br in revenues for the 2024/25 fiscal year, representi g a 73pc increase from the previous year. The company posted a yet to be audited gross profit of 76 billion Br, up 84pc in the prior year.

The annual performance report was presented today at the Science Museum on Menelik II Avenue today, where Frehiwot Tamru, the CEO, attributed the revenue growth mainly to the “lead growth strategy,” which has driven a 164pc increase in revenue since its launch, contributing a cumulative gain of 100 billion Br.

Foreign currency earnings reached 213.57 million dollars from remittances and infrastructure-sharing deals, including agreements with Safaricom. Although this marks a 45pc increase over three years, it fell 84.3pc short of the annual target.

The state-owned telecom operator also reported earnings before interest, taxes, depreciation, and amortization (EBITDA) margin of 47pc. It surpassed its subscriber target, reaching 83.2 million customers, 100.2pc of its goal. It reported 86.1 million connected devices on its network, of which 41pc are smartphones.

Revenue sources continue to shift as voice call revenue declined from 50pc to 28.5pc of total income. Mobile data accounted for 22.7pc, and international voice services made up 12.9pc. The remainder of the revenue comes from enterprise solutions, device sales, infrastructure leasing, and digital services, including Telebirr.

The digital financial platform contributed 2.7pc of total revenue. It now has 54.8 million users and processed 2.38 trillion Br in transaction value over the year. Of this, 1.66 trillion Br were private transactions. The platform processed 1.06 trillion Br in transfers and 14.42 billion Br in remittances.

Since its launch in August 2022, the Telebirr app has disbursed 13.22 billion Br in loans to 6.81 million customers in partnership with Commercial Bank of Ethiopia, Sinqee Bank, and Dashen Bank. Over three years, total loans disbursed reached 25 billion Br to 11 million customers. Telebirr’s Micro Saving feature has 1.77 million users, with total savings amounting to 11.24 billion Br.

Total major payments, including taxes, loan repayments, and dividends, amounted to 58.81 billion Br. Tax payments were 43.76 billion Br, comprising 23.95 billion Br in direct tax and 20.8 billion Br in indirect tax.

Dividend payments for the year amounted to 12.6 billion Br.

Put your comments here

Related Posts

Fortune News | Oct 08,2022

Postal Service, Regional Revenue Bureaus at LoggerHead Over Taxation

Radar | Aug 07,2021

Gov't to Float Second Telecom License

Radar | Sep 03,2022

Dashen Avails 25m Br Loan to Businesses in Gambella

Fortune News | Mar 14,2020

NBE Compels Microfinance Firms to Partially Surrender Forex from Share Sales

Fortune News | Mar 02,2019

State Telecom Distributes Free Mobile Device to Rural Women

Radar | Jul 25,2020

East Africa Bottling Donates 1.8m Br to Muday

Radar | Dec 05,2020

State Construction Firms Bag 770m Br in Revenues

Radar | Sep 18,2021

Japan Grants 7.9m Br to Schools

Radar |

Oromia Bank, Ethio Engineering Group Affiliate to Oversee Finances

Radar | Dec 12,2020

Japan Bequeaths 3.4m Br to Primary School

---