Ethio Telecom posts 12% rise in H1 revenues
25 January 2021 | Melanie Mingas
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 Ethio remain 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."
34m | Antony Savvas
56m | Melanie Mingas
2h | Melanie Mingas
2h | Antony Savvas