Ethio Telecom Achieves a Remarkable Net Profit of Birr 11 Billion.

Ethio Telecom Achieves Remarkable Financial Success with a Net Profit of Birr 11 Billion.

In the first half of 2016, Ethio Telecom demonstrated robust performance, reaching key milestones and surpassing targets. The company reported a net profit of Birr 11 billion, indicating a significant 14% growth compared to the corresponding period last year.

The customer base has expanded to 74.6 million, representing a 6.5% increase from December 2022. According to the company's news release, this growth is particularly significant in mobile voice and broadband services, boasting 71.7 million mobile voice customers and 36.4 million mobile broadband customers.

Key Financial Indicators:

- Gross Revenue: Generated a total revenue of 42.86 billion ETB, accomplishing 98% of the business targets. 

- Net Profit: Recorded Birr 11 billion, indicating a substantial 14% growth from the previous year.

- Foreign Exchange Earnings: Generated 84.7 million USD, surpassing the plan by 109%.

- Profitability: Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) reached 19.77 billion (46%), exceeding the plan by an impressive 137%.

- Profitability Rate: Achieved 26%, highlighting Ethio Telecom's financial resilience and strategic efficacy.

Examining specific services, the company's fixed broadband, boasts 688.3K customers, covering 95.5% of geographic areas. Fixed voice services include 834.1K customers, with a population coverage of 97.5%. The tele density, a key metric reflecting service penetration, has risen to 68.5%, demonstrating an increase from 65% in December 2022, reads the statement.

Source: Ethio Telecom