Ethiopian Informer
ADDIS ABABA: (EI) — Ethio-Telecom, Ethiopia’s state-owned telecom company, on Wednesday disclosed a 93.7-billion-birr annual revenue during the just-concluded Ethiopian 2016 fiscal year (2023/24) that ended on July 7.
The state-owned telecom company, in a press statement issued Wednesday, said it has amassed a total revenue of 93.7 billion birr (about 1.61 billion U.S. dollars) during the just-concluded fiscal year.
Ethio-Telecom said its total revenue has increased by 21.7 percent compared to the same period last year, registering a 16.7 billion birr increase as compared to last year, and achieving 103.6 percent of its initial annual revenue target.
It said the company’s foreign exchange generation has shown a 20.7 percent increase from last fiscal year, generating 198.02 million U.S. dollars.
The company further said its subscriber base has grown by 8.9 percent from same period last year, reaching 78.3 million customers, achieving 100.4 percent of its initial target.
The just-concluded fiscal year marks the completion of the second year of Ethio-Telecom’s three-year LEAD Growth strategy.
According to the company, as part of its ambition to provide modern telecom service to its users, Ethio-Telecom has been working to realize 4G and 5G LTE telecom services and expansion of high-tech telecom facilities.
In recent years, Ethiopia has been undertaking extensive telecom modernization services as part of the country’s aim of realizing digital inclusion and boosting the size of its digital economy, with the provision of reliable, high bandwidth and high-speed telecom services.
As part of ongoing efforts in the country’s telecom sector, Safaricom Telecommunications Ethiopia Private Limited Company (PLC) has recently become Ethiopia’s first private telecom firm.
The company launched its mobile telecommunications network and services in Ethiopia back in October 2022.
(PHOTO shows CEO of Ethio-Telecom Frehiwot Tamiru. CREDIT: Ethio-Telecom)
