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HomeEthiopian NewsEthio Telecom declares 47.7 billion birr of profit for the fiscal year

Ethio Telecom declares 47.7 billion birr of profit for the fiscal year

Ethio Telecom declares 47.7 billion birr of profit from a range of local and international services

Ethio Telecom _ Profit
Firehiwot Tamiru at the press event ( Photo : EBC)

July 30, 2020

The CEO of Ethio Telecom, Firehiwot Tamiru, had a press conference with local journalists on Thursday in the capital Addis Ababa.

She said over 47.7 billion birr is raised in revenue in the ending fiscal year. It is raised from voice service, internet service, international service, and other value-added services.

49 percent of the profit is said to be from voice service, 29 percent is from internet service, 9 percent is from valued-added service and 4 percent is from international service, according to a report by Walta Information.

Ethio Telecom has released its three years strategic plan in August 2019. The revenue target for the ending fiscal year was over 45.4 billion which means it is achieved for the reported revenue is 47.7 billion, up by 2.3 billion.

Internet service was shut for weeks in the country following the assassination of Hachalu Hundessa in late June of this year, which many Ethiopians nodded to in view of security challenges the country has been facing, and Ethio Telecom is said to have lost millions in revenue.

Prime Minister Abiy Ahmed’s administration has invited interested investors to apply for buying a share from the giant state-owned telecom.

The number of subscribers is said to have passed 46 million marks. 

Headquartered in the capital Addis Ababa, Ethio Telecom employs well over 22,000 people. 

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