Ethiopia’s Ethio Telecom says revenues jumped 31%

ADDIS ABABA: 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.