Ethio Telecom, Ethiopia’s state-owned telecommunication company has recorded a 21% year-on-year increase, resulting in a profit of $343 million (10.1 billion birr) in the first quarter of 2019.
The CEO, Frehiwot Tamiru told Reuters that they have revamped existing products and launched new ones. Tariffs on internet and data served as bait, increasing customer’s patronage by 92% this year.
Ethio generated 36 billion birr in revenue last year. It has recorded 44.45 million subscribers, up to 10% of the previous year.
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It currently has 42.9 mobile voice, over 21.6 million data, and internet, as well as 1.05 million service subscribers. This makes it the biggest country-owned Telco in Africa.
The company is planning to install the 4G network in Addis Ababa. The government wants to open up the economy to private investors, especially in the telecommunication sector.
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