Ethiopia’s Ethio Telecom says revenues jumped 31%

ADDIS ABABA July 31 (The Southern African Times) – State monopoly Ethio Telecom, expected to be partly sold off as Ethiopia liberalises its economy, saw a 31.4% rise in revenues in the 12 months to end-June, versus a year earlier, the firm’s chief executive Frehiwot Tamiru said on Thursday. 

Ethiopia has said it plans to sell 40 percent of shares in Ethio Telecom, with the government retaining a majority stake.

Speaking at a news conference, Frehiwot attributed the jump in revenues to 47.7 billion birr ($1.37 billion) for the financial year ended June to an expansion of the network and more customers. 

The liberalisation of the telecoms sector, which serves a population of 110 million, is part of wider economic reforms launched by Prime Minister Abiy Ahmed and would open up one of Africa’s last remaining state-controlled telecoms markets.