Ethio Telecom achieves significant milestones in network expansion and revenue growth

Ethio Telecom, Ethiopia’s leading telecommunications provider, has announced remarkable achievements in network expansion, service innovation, and financial performance for the first half of the fiscal year. The company’s efforts to enhance mobile network quality and accessibility, coupled with the introduction of new products and services, have resulted in substantial growth in its customer base, revenue, and contributions to the national economy.

In the first six months of the fiscal year, Ethio Telecom completed and operationalized 202 new mobile stations, significantly increasing its network capacity by 4.6 million. This expansion has boosted the total network capacity from 86.1 million to 90.7 million, enabling more Ethiopians to access reliable and high-speed connectivity.

As part of its commitment to delivering cutting-edge services, Ethio Telecom has expanded 4G coverage to an additional 67 cities and introduced 5G services in 10 new cities. These advancements are a testament to the company’s dedication to bridging the digital divide and ensuring that Ethiopians across the country can benefit from the latest telecommunications technologies.

Ethio Telecom has also made significant strides in product innovation, introducing a total of 171 local and international products and services during the reporting period. Of these, 62 are new offerings, while 109 are revamped versions of existing services. These products are designed to support Ethiopia’s digital economy, providing individuals and businesses with the tools they need to thrive in an increasingly connected world.

The company’s infrastructure expansions and service innovations have translated into strong financial performance. Ethio Telecom generated a total revenue of 61.9 billion ETB, achieving 90.7% of its target for the period. Additionally, the company earned $64.4 million in international service revenues, reaching 63.8% of its target.

Ethio Telecom’s contributions to the national economy have also been substantial. The company paid 23.74 billion ETB in taxes to the government and repaid foreign loans totaling $15,405,770.24 (approximately 1,820,038,440.37 ETB). These contributions underscore Ethio Telecom’s role as a key driver of economic growth and development in Ethiopia.

Ethio Telecom’s financial statement for the year ending June 30, 2024, has been examined by external auditors, who issued an unqualified opinion. This clean audit report confirms that the financial statements are accurate, transparent, and free from discrepancies, reflecting the company’s commitment to accountability and good governance.

Ethio Telecom’s achievements in the first half of the fiscal year demonstrate its unwavering commitment to enhancing connectivity, driving innovation, and contributing to Ethiopia’s socio-economic development. By expanding network capacity, introducing innovative products, and delivering strong financial performance, the company is paving the way for a more connected and digitally empowered Ethiopia.

By:  Kanto Okanta