Ethio Telecom revenues rise 7% to $1.26 bln in 2018/9

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ADDIS ABABA (Reuters) – State-owned Ethio Telecom, a potential candidate for privatisation, generated 36.3 billion Ethiopian birr ($1.26 billion) in revenue during the last financial year, a company report said on Tuesday, a 7% rise on the previous year.

Multinational firms are eyeing a slice of the telecom provider after Ethiopia’s parliament passed a law last month to liberalise the telecommunications sector, opening up one of Africa’s last remaining state-controlled telecoms markets.

France’s Orange, MTN of South Africa, Britain’s Vodafone Group, the UAE’s Etisalat and Zain of Kuwait are among the companies that have expressed an interest in the firm.

Earnings before interest, taxation, depreciation and amortization (EBITDA) were 24.5 billion birr, the report said. No figure was given for the previous year.

“Drastic tariff discounts ranging from 40-50% have been made in all products and services with the aim of ensuring affordability, enhancing service usage and customer satisfaction,” the report said.

The cuts increased data usage by 130% and voice calls by 19%, the report said.

Ethiopia’s financial year runs from July-June.

($1 = 28.7800 birr)

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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