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%.

CEO Frehiwot Tamiru unveiled the company’s financial results, highlighting a net profit of Birr 21.79 billion, marking a 20.9% growth from the previous year. This figure exceeded the target by 108.7%. Additionally, Ethio Telecom generated USD 198 million in foreign exchange, a 20.7% increase that met 117.5% of its target. Earnings before Interest, Tax, Depreciation, and Amortization stood at Birr 42.44 billion, achieving a 47% rate and meeting 102.4% of the target.

Ethio Telecom’s mobile money service, Telebirr, facilitated transactions worth Birr 1.81 trillion during the year, bringing the total transactions since its launch in May 2021 to Birr 2.55 trillion. The company expanded its customer base to 78.3 million, achieving 100.4% of its target, while Telebirr subscribers reached 47.5 million, capturing 45.7% of Ethiopia’s mobile money service market.

Frehiwot attributed the company’s success to the dedication of its leadership and employees. The company has invested heavily in expanding its telecom and digital infrastructure, with notable achievements including the expansion of 4G and 3G networks to cover an additional 124 cities and districts. The number of accessible 4G cities now stands at 424, while the number of 5G stations has grown to 189.

Source: The Ethiopian Herald