Ethio Telecom’s full-year revenue, net profit rise over 20%

ADDIS ABABA (Reuters) – Ethiopian state-owned telecom company Ethio Telecom said on Wednesday that its full-year revenue and net profit rose by more 20% in the year that ended in June.

Revenue increased 22% to 93.7 billion birr ($1.63 billion), while net profit rose 21% to 21.79 billion birr, Chief Executive Frehiwot Tamiru told a news conference.

Ethio Telecom said its total subscribers rose 9% to 78.3 million, while subscribers to its financial service Telebirr rose to 47.55 million customers from 34.3 million in the year to end-June 2023.

Prime Minister Abiy Ahmed said in February that the government was considering selling 10% of Ethio Telecom via a local stock exchange that is being launched this year.

The East African country’s telecoms industry, serving a population of about 120 million, was considered a big prize when Abiy took over in 2018 and promised to liberalise the economy.

But recurring security problems, legislative changes and concern about the government’s commitment to opening up the tightly-controlled economy have since deterred investors.

($1 = 57.3919 birr)

(Reporting by Dawit Endeshaw; Writing by George Obulutsa; Editing by Alexander Winning)


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