EthioTelecom Reports Strong Profits and Growth in Mobile Money Transactions

EthioTelecom, Ethiopia's state-owned telecom operator, announced impressive financial results for the 2023-2024 budget year. The company's unaudited net profit reached 21.8 billion birr (approximately $615 million USD), reflecting a significant 21% increase compared to the previous year.

This strong performance comes on the back of a healthy revenue stream. EthioTelecom generated a total of 93.7 billion birr (approximately $2.6 billion USD) in revenue, exceeding their target by 9%. This translates to a healthy profit margin of 23.3%, highlighting the company’s operational efficiency.

“We are proud of the results achieved this year,” said Frehiwot Tameru, CEO of EthioTelecom. “Our focus on innovation and customer service has driven significant growth in both revenue and profitability.”

Mobile Money on the Rise

One of the driving forces behind EthioTelecom’s success is the growing popularity of its mobile money service, Telebirr. Launched in 2021, Telebirr has seen rapid adoption, facilitating a staggering 1.8 trillion birr (approximately $50.8 billion USD) worth of transactions in the past year alone. This widespread use of mobile money reflects a shift towards cashless transactions in Ethiopia and highlights the convenience and accessibility Telebirr offers to Ethiopians.

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