World Markets

Ethiopia Telecom reports 12% rise in H1 revenue

Credit: REUTERS/TIKSA NEGERI

State-run Ethio Telecom, expected to be partly sold off as Ethiopia liberalises its economy, reported a 12% rise in first-half revenue to end-December to 25.6 billion birr ($650 million), it said on Thursday.

NAIROBI, Jan 21 (Reuters) - State-run Ethio Telecom, expected to be partly sold off as Ethiopia liberalises its economy, reported a 12% rise in first-half revenue to end-December to 25.6 billion birr ($650 million), it said on Thursday.

The government said last year it will retain a 55% stake in Ethio Telecom, with 40% going to international companies and the remainder to local investors.

Ethio Telecom said mobile voice services contributed 49% of the revenue and data services some 26%.

The company plans to launch mobile money services soon, it said, but did not give a timeframe.

In June, the telecoms regulator said it had received 12 bids for two telecom licences the government plans to award to multinational companies.

The regulator has not given a deadline for when it will award the licences.

Ethiopia's telecoms industry is considered the big prize in a push to liberalise the economy as a protected market which serves more than 110 million people.

($1 = 39.3650 birr)

(Reporting by Nairobi Newsroom; editing by Jason Neely)

((george.obulutsa@thomsonreuters.com; Tel: +254 20 499 1234; Reuters Messaging: george.obulutsa.thomsonreuters.com@reuters.net))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Latest Markets Videos

    Reuters

    Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

    Learn More