2merkato

The first 6 months of the current fiscal year has blessed Ethiopia’s telecom monopole, Ethio Telecom, with 10.9 billion Birr gross profit. This was a 111 percent achievement of the company’s plan.

Ethiopia’s telecom monopole, Ethio Telecom, disclosed it made 20.8 billion Birr of gross profit in the just concluded fiscal year. Such was disclosed during a discussion held to evaluate 2015/2016 performance and make plans for the coming fiscal year.

Ethio telecom has taken a step towards diversifying its services by introducing a new international digital money transfer service in partnership with VISA, a global leader in digital payment technology. The collaboration was formalized with the signing of a strategic agreement between Ethio telecom CEO, Frehiwot Tamru, and VISA’s Country Manager, Yared Tadele.

Ethio Telecom announced that it began undertaking a new expansion plan in order to double the capacity and improve the quality of its services. The expansion plan is at its initial stage of selecting companies to undertake the expansion and examine the extent of the expansion.

State-owned Ethio Telecom has announced a record performance for the fiscal year 2023/2024, reporting a substantial revenue increase of 21.7% to reach Birr 93.7 billion. This represents a Birr 16.7 billion surge over the previous year, surpassing the company’s targets by 103.6%.