Ethio Telecom has set a revenue target of 295 billion birr for the 2019 Ethiopian fiscal year, representing a 36.7 percent increase from the 215.82 billion birr it generated in the previous fiscal year.

The state-owned telecom operator announced the target on September 3 during a press conference outlining its major plans for the new fiscal year under its three-year strategy, “The Next Horizon, Digital and Beyond.”

Ethio Telecom CEO Frehiwot Tamiru said the company also aims to expand its customer base to 96.2 million during the fiscal year, up from 90.12 million customers reported at the end of 2018.

The company expects mobile data and internet services to contribute 34.6 percent of total revenue in 2019. It also plans to increase the number of mobile data and internet users by 16.5 percent.

According to figures released by the company in July, active mobile data users reached 51.53 million in the 2018 fiscal year, while mobile voice users stood at 66.95 million.

Ethio Telecom also plans to increase its mobile voice customer base by 6.2 percent during the current fiscal year as part of its broader customer growth strategy.

Meanwhile, the company is targeting 67.69 million Telebirr users, an increase of 11.7 percent from the 60.6 million users recorded in 2018. Telebirr processed transactions worth 4.19 trillion birr during the previous fiscal year.

Ethio Telecom reported 92.9 billion birr in unadjusted profit for the 2018 fiscal year, alongside its 215.82 billion birr revenue.

The latest targets form part of the company’s ongoing three-year strategy, which focuses on expanding digital services and strengthening revenue growth beyond traditional telecom services.

Source: Ethiopia Insider