Ethio Telecom (formerly known as Ethiopian Telecommunication Corporation), now managed by a French company, made a record profit in the first year of the two-year contract.

The net profit has not been declared but sources at the telecom company say that it is likely to be higher than ever before.

The company had planned to make 9.9 billion birr and grossed 9.1 billion birr in the just ended fiscal year which is greater than that of the previous fiscal year by 2.1 billion.

Among the reason cited for the increase in income are lower administrative costs, more mobile subscribers. 

The number of cell phone subscribers increased significantly this year. According to Ethio Telecom, currently, about ten million Ethiopians, one eighth of the population, use cell phones.

The company predicts that the number of cell phone subscribers is expected to grow to 45 million in the coming five years.

Source: Capital