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News: Ethio-Telecom unveils profit for last Ethiopian Fiscal year, registers 56.5 bn ETB revenue despite pandemic, security challenges

Firehiwot Tamiru, CEO of Ethio- telecom with staff at Yesterday’s event.

By Mahlet Fasil @MahletFasil

Addis Abeba, July 14/2021 – Ethio telecom announced in an event it held yesterday that it has achieved a total revenue of 56. 5 billion birr in 2020/2021 fiscal year which is 101.7% of the target and 18.4% increment from the previous budget year similar period. 

According to Firehiwot Tamiru, the CEO of Ethio- telecom achieved  through network optimizing work to enhance customer experience and satisfaction. The company offered 34 new and 28 revamped local and international products and services.  “47.5% of the total revenue is Mobile voice accounts while data and internet contributes 27%, international business shares 11%, value added service accounts for 9.5% and the remaining 5% come from other sources.” Firehiwot said. 

The annual business performance summary report of 2020/21 shows that 166.5 million USD foreign currency was generated from international business and scored 106% of the target; showing an increase of 13% from the previous fiscal year. 

As per the annual report total subscriber reached 56.2millon showing 22% of an increase from June 2020 landing. Mobile voice subscribers reached 54.3 million, data and internet users 25 million while fixed services 912 thousand and fixed broadband subscribers reached 374 thousand.

According to Ferehiwot, Ethio telecom has created job and income opportunities for more than 337,000 citizens of which a significant  majority are partners who distribute our products and services while the rest are indefinite and definite term employees and other partners engaged in outsourced businesses.  

The challenges ethio telecom faced indicated in the report are the Covid-19 pandemic as well as  security concerns in July 2020 and from November 2020 in parts of the country.  “The company performance for the 2020/21 budget year is outstanding, given the challenges posed by the pandemic and security issues in some parts of the country.” the report said. AS

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