Ethio Telecom reports revenue and net profit growth

to methio Telecom reported yesterday an increase in revenue and net profit for the full year, after the state-owned telecoms company announced its financial results.

The telecommunications company praised its LEAD Growth strategy, saying that as a result of it, its subscriber base grew by 8.9% compared to the same period last year, reaching 78.3 million consumers and achieving 100.4% of the target.

Furthermore, Ethio Telecom reported that its total revenue increased by 21.7% compared to the same period last year to reach $1.6 billion (93.7 billion birr), an increase of $289 million (16.7 billion birr) compared to the previous year and 103.6% of the target.

“Our foreign exchange revenue increased by 20.7% compared to last year, reaching a total of US$198.02 million, which is 117.5% of our target,” the telecom operator said.

The company also announced that during the year, steps were taken to strengthen the capacity and reach of its telecommunications and digital infrastructure through a number of network improvement projects aimed at ensuring the quality of services.

The 4G mobile network was expanded in 966 locations, while the 3G network was expanded in 682 locations.

As a result, it added that the 4G network has been expanded to an additional 124 cities and districts, increasing the total number of cities with access to the 4G network from 300 to 424.

Within a year, the number of 5G stations increased to 189 through the expansion of the 5G network on 79 mobile stations.

The company also announced that the 5G service is already available in four regional capitals, and implementation work is underway to adapt another four cities to the 5G standard.