Ethio Telecom Secures over 47 Billion Birr in Budget Year

Addis Ababa, July 30/2020(ENA) Ethio telecom disclosed that it has secured 47.7 billion Birr revenue during the just-ended budget year.

Briefing journalists today, Ethio telecom Chief Executive Officer Frehiwot Tamru said the company has achieved over105 percent of its target in 2019/2020 budget year.

The revenue has shown 31.4 percent increment from the previous budget year.

According to her, network expansion, project targeting to enhance customer experience and satisfaction, 4G/LTE full coverage in Addis Ababa and introduction of LTE advanced service in some parts of Addis Ababa, fixed broadband services with massive tariff reduction as well as offering 16 new and 25 revamped local and international products and services were the factors that helped it register the achievement.

The CEO revealed that 147.7 million USD was generated from international business, showing 50 percent increase from the last budget year.

She further noted that 11.3 million Birr tax, 4 billion Birr dividend and 10.2 billion Birr (318.4 million USD) loan payment for projects implemented under vendor-financing modality were made during the period.

Frehiwot said Ethio telecom has contributed a total of 1.15 billion birr in kind, service and cash for corporate social responsibilities like health, agriculture, environmental protection, greening and beautification of cities.

It has also committed huge resources to prevent and mitigate Coronavirus by donating 100 million birr for the cause to the very advent of the virus to financial contribution to fund Ministry of Innovation and Technology sponsored research on COVID 19, she pointed out.

Infrastructure vandalism, security vulnerability, commercial power interruption, COVID-19 and telecom fraud were mentioned as the challenges in the budget year.

Ethio telecom has 95 percent population coverage, 85.4 percent geographical and 46.1 percent density coverage nationwide.