Ethiopia: Ethio Telecom’s revenues up 20% in the first half of 2022/2023
January 13th 2023
For several months, Ethio Telecom has been stepping up initiatives to better face up to the competition introduced to the telecom market by Safaricom. For the current financial year, the company hopes to reach 73.5 million subscribers and generate 1.4 billion USD.
Incumbent operator Ethio Telecom revealed on Thursday January 12 that it generated a total of 33.8 billion birr (630.3 million USD) in revenue in the first half of the 2022/2023 financial year. This figure represents an increase of 19.9% compared to revenues for the first half of the previous fiscal year. This figure also represents 96% of the objectives set by the telecom company for the period.
According to the telecom operator, mobile voice services represent 47.4% of total revenues; data and internet 28%; international business 8.4%; value-added services 6.5%; infrastructure 2.2% and the remaining 7.5% comes from other sources. The company explains that “ this result was achieved thanks to the extension of the network and the optimization work aimed at improving the experience and satisfaction of customers, by offering 50 new products and 41 local and international products and services ”.
During the period, Ethio Telecom’s total subscriber base reached 70 million, representing 98.6% of the subscriber base target and an increase of 15.1%. Mobile phone subscribers reached 67.7 million, data and internet users 31.3 million, fixed services 862,200 and fixed broadband subscribers 566,200. incumbent operator reached 27.2 million users.
The results for the first half of 2022/2023 are the result of the initiatives undertaken by Ethio Telecom as part of its new three-year “Lead” development strategy unveiled last September. Through this strategy, the company wants to expand into new business sectors and offer new solutions beyond connectivity. For the current financial year 2022/2023, the company hopes to increase its subscriber base by 10.3% to reach 73.5 million and generate 75 billion birr (1.4 billion USD). The company wants to strengthen its achievements in a market in full liberalization.
“ This achievement can be considered remarkable, given the challenges posed by the provision and expansion of telecommunications services and the fact that it is achieved in a competitive market. This success is only possible thanks to the commitment of the leaders and employees of our company to make Ethio Telecom a preferred operator ,” said Ethio Telecom.
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