Ethio Telecom earns $632.99mln revenue in 6 months

Addis Ababa, January 12, 2023 (FBC) – Ethio Telecom announced on Thursday that its half-year revenues rose 20% to 33.8 billion birr ($632.99 million).

The CEO of Ethio Telecom, Frehiwot Tamru, made a statement regarding the performance of the first half of the current financial year.

According to the CEO, Ethio Telecom achieved 96 percent of its plan by earning 33.8 billion Birr (632.99 million USD) in the middle of the 2022/23 fiscal year.

Subscribers to Ethio Telecom’s mobile phone-based financial service, known as Telebirr, launched in May 2021, have grown to 27.2 million out of its 70 million total subscribers, 15.1 percent increase compared to the same period of the previous fiscal year, she told the news conference.

She indicated that her company was able to obtain 166.1 billion birr transactions in six months and earn 82.5 million birr through Telebirr.

Frehiwot confirmed that the earned income is 19.9 percent higher compared to the same period of the previous fiscal year.

The Chief Executive stated that there is an increase of 5.62 billion birr, adding that 64.8 million USD has been obtained from services that generate foreign currency.