Ethio Telecom Reports 40% Revenue Growth to 61.9 Billion Birr

Ethio Telecom reported a significant revenue increase of over 40% for the first half of the 2024/25 fiscal year, reaching 61.9 billion birr ($491.57 million), as revealed by CEO Frehiwot Tamiru. The growth is largely attributed to the expansion of its mobile money service, Telebirr, which now boasts over 51 million users and processed transactions worth 1 trillion birr. The company also saw EBITDA rise over 60% to 32.8 billion birr, reflecting efficient operations amid broader telecom challenges in Africa. Ethio Telecom has reinforced its infrastructure and increased its customer base to 80.5 million subscribers, positioning itself as a leader in the African telecom sector. In line with government plans to attract private investment, Ethio Telecom has initiated an IPO for a 10% stake and aims to sell an additional 45% in the future. The company's efforts to enhance digital services and network coverage have been pivotal in achieving these results.