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Ethio-telecom earns nearly $1,3b revenue

Ethio-telecom earned nearly $1,3 billion revenue in the past Ethiopian fiscal year which ended on July 8,2021.The state owned telecom…

Ethio-telecom earned nearly $1,3 billion revenue in the past Ethiopian fiscal year which ended on July 8,2021.The state owned telecom company has managed to earn 101.7 percent of the target and 18.4percent increment from the previous budget year similar period, said Firehiwot Tamiru, CEO of the company said in a briefing on Thursday.

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. 

Some 166.5 million USD was generated from international businesses, showing an increase of 13 percent from the past 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

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