Sunday, May 16, 2021

Ethio Telecom revenues rise 7% to $1.26 bln in 2018/9

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Naija247news, Nigeria
Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

ADDIS ABABA (Reuters) – State-owned Ethio Telecom, a potential candidate for privatisation, generated 36.3 billion Ethiopian birr ($1.26 billion) in revenue during the last financial year, a company report said on Tuesday, a 7% rise on the previous year.

Multinational firms are eyeing a slice of the telecom provider after Ethiopia’s parliament passed a law last month to liberalise the telecommunications sector, opening up one of Africa’s last remaining state-controlled telecoms markets.

France’s Orange, MTN of South Africa, Britain’s Vodafone Group, the UAE’s Etisalat and Zain of Kuwait are among the companies that have expressed an interest in the firm.

Earnings before interest, taxation, depreciation and amortization (EBITDA) were 24.5 billion birr, the report said. No figure was given for the previous year.

“Drastic tariff discounts ranging from 40-50% have been made in all products and services with the aim of ensuring affordability, enhancing service usage and customer satisfaction,” the report said.

The cuts increased data usage by 130% and voice calls by 19%, the report said.

Ethiopia’s financial year runs from July-June.

($1 = 28.7800 birr)

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