Ethio Telecom’s net profit saw a surge this year. Financial services among the factors in the increase in revenue
Ethio Telecom on Tuesday announced that it has achieved goals of the business plan for the 2015 Ethiopian fiscal year ( 2022 -2023 ). It rated its business plan success as 101 percent.
It reported a total of 75.8 billion birr in revenue. The revenue is said to have gone up by 23.5% compared to the revenue of last year, the same period. Increasing revenue streams is the explanation that Ethio Telecom gave for the rise in the amount of revenue this year.
In a statement it shared on social media, the state-owned telecom giant said “In this budget year, our company generated a total of 75.8 Billion ETB in revenue and achieved 101% of its target through expanding its revenue sources which shows a 23.5% increment compared to previous year same period. It also generated 164.1 Million USD from foreign currency generating services (international interconnect, roaming, infrastructure share and international remittance) achieving 107.8% of its target.”
It also said it has registered a “51.2% in Earnings Before Interest, Tax, Depreciation and Amortization by increasing its revenue and instilling cost-saving practices and culture.”
In terms of net profit from revenue, Ethio Telecom claimed that the net profit margin has reached 25 percent.
It is not just the revenue that saw remarkable growth based on the claim from the company. The profit margin saw a 109 percent growth compared to the same period last year.
New products like Tele Birr and other money transfer services, including international ones, have contributed to the increase in revenue this year.
Government-imposed internet restrictions since February 2023 are said to have negatively impacted business operations of Ethio Telecom. The CEO, Fire Hiwot Tamiru, spoke about it when she appeared at the Ethiopian Parliament last week.
Ethio Telecom, which has now well over 30 million subscribers across the country, extended gratitude to its clients.
It was the only telecommunication service provider until Prime Minister Abiy Ahmed’s administration sold its Telecom license to Safaricom a few years ago.
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