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FinanceMore Africa NewsEthio Telecom Collects $344mln Revenue in First Quarter

October 21, 2019by myles

Ethio telecom, the sole provider of telecom services in Ethiopia has garnered a little over 10 billion birr or close to 344 million USD revenue in the first quarter of the 2019/20 fiscally year.

The company has increased its performance by 21 percent as compared to the same period last year, Frehiwot Tamiru, CEO of the firm, told reporters today.

Ethio Telecom, which generated revenues last year of 36bln birr, has almost managed to secure 98 percent of the revenue targeted for the period.

Ethio Telecom, whose 44.45m subscribers give it the biggest single-country customer base of any operator in Africa, is the crown jewel in a sweeping privatization program that will open the nation’s market to foreign investment for the first time.

Currently, the state-owned firm has 42.9 mobile voice, over 21.6 million data and internet as well as 1.05 million fixed service subscribers.

“This figure results in tele-density of 45 percent,” its performance report indicates.

Source: Ethiopian Monitor