Ethiopian state-owned telecoms company Ethio Telecom on Tuesday posted a 14% rise in half-year profit helped by growth in its mobile phone-based financial service Telebirr.<\/p>\n
Earnings before interest, tax, depreciation and amortisation (EBITDA) rose to 19.77 billion birr ($352 million) while revenue grew by 26% to 42.86 billion, CEO Frehiwot Tamiru said in a statement.<\/p>\n
Subscribers to Telebirr, launched in May 2021, grew to 41 million of its 74.6 million total subscribers, Frehiwot said, while handling transactions worth 910.7 billion birr.<\/p>\n
Ethio Telecom, a former monopoly, competes with Safaricom Ethiopia, which launched commercial mobile network services in October 2022 after winning the country’s first private telecoms licence.<\/p>\n
Ethiopia’s telecoms industry, serving a population of about 120 million, was considered a big prize in Prime Minister Abiy Ahmed’s push to liberalise the economy after he took over in 2018.<\/p>\n
But the country’s recurring security problems, legislative changes and concern about the government’s commitment to opening up its tightly controlled economy have\u00a0deterred investors.<\/p>\n
French telecoms firm Orange, opens new tab\u00a0last November said it had decided to\u00a0withdraw\u00a0from buying a stake of up to 45% in Ethio Telecom.<\/p>\n","protected":false},"excerpt":{"rendered":"
Ethiopian state-owned telecoms company Ethio Telecom on Tuesday posted a 14% rise in half-year profit helped by growth in its mobile phone-based financial service Telebirr. Earnings before interest, tax, depreciation and amortisation (EBITDA) rose to 19.77 billion birr ($352 million) while revenue grew by 26% to 42.86 billion, CEO Frehiwot Tamiru said in a statement. […]<\/p>\n","protected":false},"author":6,"featured_media":10019,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"jnews-multi-image_gallery":[],"jnews_single_post":{"source_name":"Reuters","source_url":"","via_name":"","via_url":"","override_template":"0","override":[{"template":"1","single_blog_custom":"","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_share_counter":"0","show_view_counter":"0","show_featured":"1","show_post_meta":"1","show_post_author":"0","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"0","show_post_reading_time":"0","post_reading_time_wpm":"300","show_zoom_button":"0","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"1","show_prev_next_post":"0","show_popup_post":"0","number_popup_post":"1","show_author_box":"0","show_post_related":"1","show_inline_post_related":"1"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored by","sponsored_post_name":"","sponsored_post_url":"","sponsored_post_logo_enable":"0","sponsored_post_logo":"","sponsored_post_desc":"","disable_ad":"0"},"jnews_primary_category":{"id":"","hide":""},"jnews_social_meta":[],"jnews_override_counter":{"override_view_counter":"0","view_counter_number":"0","override_share_counter":"0","share_counter_number":"0","override_like_counter":"0","like_counter_number":"0","override_dislike_counter":"0","dislike_counter_number":"0"},"footnotes":""},"categories":[29,32],"tags":[506,114],"class_list":["post-10633","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-east-africa","category-economy","tag-ethio-telecom","tag-ethiopia"],"_links":{"self":[{"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/posts\/10633","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/comments?post=10633"}],"version-history":[{"count":0,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/posts\/10633\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/media\/10019"}],"wp:attachment":[{"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/media?parent=10633"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/categories?post=10633"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/tags?post=10633"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}