“Ethio Telecom Records Remarkable Growth with Net Profit Surging to 11 Billion Birr in Ethiopia”

ADDIS ABABA - Ethio Telecom has announced a net profit of 11 billion Birr in the first six months of the current fiscal year, marking a 14% increase compared to the same period last year.

During the presentation of the company's six-month performance report, Ethio Telecom CEO Frehiwot Tamru revealed that the total revenue for the reported period reached 42.9 billion Birr. The company attributes its success to the expansion of revenue sources and the provision of affordable and enhanced products and services, allowing it to achieve 98% of the set target for the half-year.

Compared to the previous year's same period, this year's income reflects an 8.86 billion Birr (26%) increment. Additionally, the operator successfully secured 84.7 million USD, surpassing its target by 109%.

Tamru highlighted the achievements of Telebirr, stating that it acquired 41 million customers in the half-year, achieving 104% of its target with a transaction value of 910.7 billion Birr. Since its launch, Telebirr has facilitated a total of 1.7 trillion Birr in transactions within the economy.

In terms of financial contributions, the company has paid 18.5 billion Birr in taxes, 2.46 billion Birr in loan repayments, and four billion Birr in dividends in the first half of the year. Ethio Telecom is committed to financial audits to ensure transparency and compliance with regulations and guidelines issued by regulatory bodies.

Frehiwot Tamru provided insights into the subscriber base, revealing that the total number of subscribers reached 74.6 million, achieving 98.3% of the target. The distribution among service types includes 71.7 million mobile voice subscribers, 688,300 fixed broadband users, 834,000 fixed voice users, and 36.4 million data and internet users, resulting in a telecom density of 68.5%.

During the first half of the year, Ethio Telecom extended its reach in rural areas, activating 41 new mobile stations capable of serving 229,000 customers in 10 states and 41 districts. Additionally, the company conducted 3G expansion works in 92 existing sites in rural areas.

As part of efforts to promote financial inclusion, Ethio Telecom provided over 8.3 billion Birr in loans to 3.8 million customers. The company also contributed to the digitalization of fuel management, with 1,447 gas stations now accepting payments via Telebirr. Over 54 billion Birr in fuel transactions have been managed through this digital initiative.

Over the last six months, the company has registered an average of 1.13 million new customers per month in partnerships related to money transfer, utility payments, microfinance, and other new services. Tamru emphasized Ethio Telecom's commitment to continuous growth and innovation in meeting the evolving needs of its customers.