Ethio Telecom posts 12% rise in H1 revenues

Ethio Telecom posts 12% rise in H1 revenues

Financial results NEW .jpg

Ethiopia's state-run telco Ethio Telecom saw a 12% increase in revenues in the six months to the end of December 2020.

Ethio Telecom reported US$650 million in profits from 1 July to 31 December, which it attributed to mobile voice services, which generated 49% of the figure, and data services, at 26%.

The last six months were also the first of Ethio's BRIDGE growth strategy, a three-year plan "to realise its aspiration to become a preferred telecom operator among customers and partners".

In its market announcement the telco said: "Our company has conducted vast reform activities and advancements to attain its set strategic objectives- preparing for the upcoming competitive market, enhancing customer experience and satisfaction through ensuring operational excellence; deploying new and enhancement of infrastructure and systems, service availability, quality and affordability; effective resource utilisation and enhancing financial capacity.

"Leadership and staff capacity building and empowerment; building reputable brand were among the priorities."

Ethio plans to launch mobile money services soon but did not give a timeframe in its financial results.

Despite conflicting reports and continued violence across Tigray, plans for a part sale of the state-owned Ethioremain in the pipeline as Ethiopia moves to liberalise its economy.

The financials were released as Bloomberg confirmed earlier reports that CDC has entered into a partnership with Vodafone Group Plc and Sumitomo Group to bid for a mobile-phone license in Ethiopia.

CDC has invested more than $3.7 billion in Africa over the past three years and CEO, Nick O'Donohoe, told Bloomberg: "This will be an important year for telecommunications investment in Ethiopia."

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