Ethio Telecom, one of the two telecommunications providers in Ethiopia, has reported strong financial results for the first half of the current fiscal year.
The company announced that its revenues rose by 20% to reach 33.8 billion birr ($632.99 million). This significant increase in revenue can be attributed to a number of factors, including the growth in subscribers to Ethio Telecom’s mobile phone-based financial service, Telebirr.
According to the CEO of Ethio Telecom, Frehiwot Tamru, the company achieved 96% of its plan by earning 33.8 billion birr (632.99 million USD) in the middle of the 2022/23 fiscal year. She also highlighted that Telebirr, which was launched in May 2021, has grown to 27.2 million out of its total 70 million subscribers, representing a 15.1% increase compared to the same period last fiscal year.
In addition to the growth in Telebirr subscribers, Ethio Telecom also reported that it was able to obtain 166.1 billion birr transactions in six months, and earn 82.5 million birr through the mobile-based financial service. These numbers demonstrate the strong demand for digital financial services in Ethiopia and the success of Ethio Telecom’s efforts to expand its offerings in this area.
Frehiwot Tamru also confirmed that the earned income for the first half of the current fiscal year is 19.9% higher compared to the same period last year. Furthermore, the company has also obtained 64.8 million USD from services that generate foreign currency.