Addis Ababa, July 10, 2024 (Addis Walta) – Ethio Telecom has announced a remarkable annual profit of 21.79 billion Birr for the 2023/24 fiscal year, reflecting a 108.7% performance. The telecom giant also reported generating a gross income of 93.7 billion Birr, which is 103.6% of its planned target for the year.
Subscriber Growth and Service Expansion
By the end of the fiscal year, Ethio Telecom boasted an impressive subscriber base of over 78.3 million. Of these, 75 million are voice service users, and 40.4 million are internet users. This growth is attributed to the company’s continuous efforts to enhance service quality and expand its reach across the nation.
Financial Contributions
In terms of financial contributions, Ethio Telecom has significantly bolstered the national treasury by paying 29.76 billion Birr in income tax. This substantial tax contribution underscores the company’s pivotal role in the Ethiopian economy and its commitment to national development.
Network Expansion and Technological Advancements
Ethio Telecom has made significant strides in expanding its network infrastructure. The company announced that 124 towns across Ethiopia now have access to 4G network services, providing faster and more reliable internet connectivity to a wider population. Moreover, five towns have been upgraded to 5G services, positioning Ethiopia as a burgeoning hub for advanced telecommunications technology in Africa.
Strategic Initiatives and Future Plans
Ethio Telecom’s CEO, Frehiwot Tamiru, highlighted several strategic initiatives that have contributed to this year’s success. These include aggressive marketing campaigns, improved customer service, and strategic partnerships with global tech companies. The company has also invested heavily in modernizing its infrastructure and enhancing cybersecurity measures to ensure robust and secure communication services.
Looking ahead, Ethio Telecom plans to continue its expansion efforts with a focus on rural areas, aiming to bridge the digital divide and provide equitable access to telecommunications services for all Ethiopians. The company is also exploring new revenue streams through value-added services and digital solutions, aligning with global trends in the telecom industry.
Corporate Social Responsibility
In addition to its financial and operational achievements, Ethio Telecom remains committed to its corporate social responsibility initiatives. The company has launched various community development programs, focusing on education, health, and environmental sustainability. These initiatives are designed to uplift communities and support the government’s development agenda.
Ethio Telecom’s stellar performance in the 2023/24 fiscal year showcases its resilience and adaptability in a rapidly evolving industry. With continued investments in technology and a strong customer focus, the company is well-positioned to maintain its leadership in the Ethiopian telecommunications market and drive further growth in the coming years.
