The CEO of Ethio Telecom, Frehiwot Tamiru, made a statement regarding the company’s performance for the fiscal year 2023/24.
Ethio Telecom announced that it earned 93.7 billion birr during this period. The revenue breakdown is as follows: 39.9% from voice services, 21.7% from internet services, 10.2% from international services, 2.5% from Telebirr, 1.5% from infrastructure, and 5% from device sales.
Frehiwot Tamiru reported that the number of customers reached 78.3 million in the fiscal year, and the company achieved a net profit of 21.79 billion birr.
Additionally, Ethio Telecom earned $198 million from foreign currency sources. The CEO mentioned that Ethio Telecom paid 30 billion birr in taxes to the government during the fiscal year.
Significant achievements included the activation of 374 fixed broadband service providers, the repair of 570 km of fiber, and the reopening of 16 closed stations.
As a result, Ethio Telecom ranked 17th among 778 telecom operators worldwide and 2nd among 195 telecom operators in Africa.
The CEO also highlighted the growth of Telebirr, with the number of customers reaching 47.55 million and transaction amounts exceeding 2.5 trillion birr.
Ethio Telecom had initially planned to earn 90.5 billion birr from general telecom services but surpassed this target, earning 94 billion birr.
However, the company faces challenges, including the rising cost of living, security issues, and a shortage of foreign currency. Notably, 42% of Ethio Telecom’s 78 million customers own a smartphone.
In April, Ethiopia announced plans to sell a 10 percent stake in Ethio Telecom.
Prime Minister Abiy Ahmed recently met with a group of esteemed businessmen, recognized as “honest” taxpayers, at his office to discuss pertinent economic concerns.
Regarding capital market development, Prime Minister Abiy announced plans to launch the market within two months, starting with the public offering of a 10 percent stake in Ethio Telecom.
However, no concrete actions have been taken to sell the government-controlled stake in Ethio Telecom to private investors.
In addition to this, Ethiopia has reported record-breaking earnings from its coffee exports this fiscal year, with revenues exceeding $1.4 billion.
The Ethiopian Coffee and Tea Authority reported that the country earned more than $1.43 billion from coffee exports during the 2023/24 financial year.
According to the Director General of the Authority, Adugna Debela, Ethiopia achieved significant results both in terms of volume and income.
The country exported 298,500 tons of coffee, marking a substantial increase compared to previous years. This year’s performance shows a 20% increase in volume and a 7.5% rise in price levels.
