EthioTelecom reports over $US 1.27 billion generated revenue

EthioTelecom performance higher compared to previous fiscal year says CEO

EthioTelecom _ revenue
One of EthioTelecom building in the capital Addis. Photo : SM

borkena
July 23, 2019

EthioTelecom claims that it has achieved high-level business performance this past Ethiopian fiscal year which covers from July 2018 to June 2019.

Total revenue generated during the year is 36.3 billion Ethiopian birr which is the equivalent of $U.S 1.27 billion. The company translated to 85 percent success of the plan for the budget year.

 Gross profit is 24.5 billion birr which is 5.6 percent higher compared to the previous budget year.

During a presser with local journalists, EthioTelecom CEO, Firehiwot Tamiru, said that this year’s revenue is higher than the previous year by about 7 percent.

As well, the state-owned company as paid 16.2 billion birr government tax (which is well over US$ half a billion birr) of which 4.7 billion was unpaid balance from the previous year.

Another remarkable achievement during the just-ended fiscal year, according to the CEO, is that EthioTelecom managed to pay 9.9 billion Ethiopian Birr ($US 362 million dollars) in unpaid borrowings accumulated over the last three years.

EthioTelecom disclosed that it has over 43.6 million clients across the country currently and the figure is 15 percent higher than the year before.  41.92 million Of them are cell phone users, 22.3 million internet and data users, and the remaining 1.2 million are fixed phone line users.

The Federal government is working on privatizing the company , as reported before.



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One Response to "EthioTelecom reports over $US 1.27 billion generated revenue"

  1. Legend   July 24, 2019 at 9:39 am

    Well done CEO Frehiwot Tamiru. It is quite an achievement to make a 5.6% percent profit from previous years. I wonder what happened.

    Reply

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