Ethio Telecom says it exceeded its expectations by generating a total revenue of 75.8 billion birr ($1.3 billion) in the previous financial year from July 2022 to June 2023, amounting to 101% of its target revenue.
According to the company,this significant growth was achieved by focusing on customer-centric and institution-centered digital solutions, as well as expanding its digital finance services alongside its core telecom offerings.
Ethio Telecom’s total revenue was derived from various sources, with:
- Mobile voice income being the largest contributor at 43.7%
- Data and internet services closely followed, accounting for 26.6% of the total revenue
- The remaining income came from diverse streams, including international business, value-added services, and the sale of devices like handsets, dongles, and modems
The number of subscribers saw a notable 8% increase, reaching a total of 72 million. Among these subscribers, 69.5 million were mobile voice users, while the data and internet user count reached 33.9 million. Additionally, there were 618,300 fixed broadband subscribers.
and acquired a total of 72 Million subscribers achieving 98% of the subscriber base target and an increase of 8% from the previous budget year.
Dear esteemed Customers, pic.twitter.com/qw9gCF0xiT— Ethio telecom (@ethiotelecom) July 18, 2023
Ethio Telecom’s substantial subscriber base places the company as the second-largest in Africa and the 21st largest in the world.
The company also gave performance updates for its mobile money offering, Telebirr. This grew its user base to 34.3 million subscribers achieving a total transaction value of 679.2 billion birr ($12.4 billion).
Telebirr has now integrated its payment system with over 500 governmental and non-governmental institutions, Ethio Telecom said. Additionally, Telebirr has enabled 1,263 gas stations to accept fuel payments through its platform, facilitating over 66.5 billion birr ($1.2 billion) worth of fuel transactions.
Safaricom Ethiopia officially started operations in October 2022, more than 1 year after its $850 million bid for operations was accepted by the Ethiopian government in May 2021. In its own half year results announced in November 2022, the company revealed that it had already reached 1 million subscribers in just one month of operation.
The Ethiopian government declared in November 2022 that 40% of Ethio Telcom’s capital shares would also be sold as the government intensified privatization efforts in its communication sector.
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