Ethio Telecom Reports Strong Performance in First Half of 2023/24 Fiscal Year

Ethio Telecom, the leading telecommunications company in Ethiopia, has released its half-year report, showcasing notable growth and success in the first six months of the fiscal year 2023/24. The report, covering the period from July to December 2023, highlights the company’s efforts to expand telecom infrastructure, improve service quality, and meet the growing demand for telecommunications services in the country.

Ethio Telecom’s subscriber base reached 74.6 million, representing a 6.7 Pct increase from the previous year. Mobile voice subscribers accounted for 71.7 million, while fixed broadband subscribers reached 688.3 thousand. The company has been working on enhancing network capacity and coverage, resulting in the commercialization of 5G services in Addis Ababa and certain regional cities.

In terms of financial performance, Ethio Telecom generated a total revenue of ETB 42.86 billion, surpassing its target and marking a 26 Pct increase compared to the same period last year. The revenue distribution indicates a growing demand for mobile voice and data services, with 41.8 Pct and 25.7 Pct shares respectively. Additionally, the company achieved significant foreign currency generation, with USD 84.7 million generated from international services.

It was also reported that Ethio Telecom’s cost optimization strategies resulted in savings of over ETB 2 billion, exceeding the target by 113 Pct.

Telebirr, Ethio Telecom’s digital financial services platform, has gained traction with 41 million customers and a transaction value of ETB 910.7 billion. The platform has played a significant role in promoting financial inclusion and building a digital economy in Ethiopia.

Looking ahead, Ethio Telecom aims to maintain its positive momentum as it enters the second half of the fiscal year, further enhancing its services and supporting Ethiopia’s digital transformation.