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Ethiopia: Ethio Telecom Registers a Net Profit of Birr 11 Billion in Six Months

Ethio Telecom

Ethio Telecom has announced its financial results for the first half of the current fiscal year. The company reported a net profit of Birr 11 billion, representing a significant 14% increase compared to the same period last year.

During this period, Ethio Telecom achieved a total revenue of Birr 42.9 billion, showcasing a substantial increment of Birr 8.86 billion (26%) from the previous year. The company's CEO, Frehiwot Tamru, highlighted the success of Telebirr, a mobile financial service, which attracted an impressive customer base of 41 million users and facilitated transactions worth a staggering Birr 910.7 billion.

The company's subscriber base also reached 74.6 million users, with an achievement rate of 98.3% of the target set. In addition, it added 41 new mobile stations and expanded 3G coverage in 92 existing sites.

With an average of 1.13 million new customers per month across various services, including money transfers, utility payments, and microfinance, Ethio Telecom continues to strengthen its position as a key player in the telecommunications industry in Ethiopia.

Source: The Ethiopian Herald