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TimesLIVE
24-07-2025
- Business
- TimesLIVE
Ethio Telecom's full-year pretax profit up more than 80%
Ethiopia's state-owned Ethio Telecom reported sharply higher annual profit on Thursday, driven by an expansion of its network and more customers. CEO Frehiwot Tamiru said pretax profit for the year ended June leapt more than 80% year-on-year to about 76-billion birr (R9.70bn). The company, which the government is privatising as part of a wider liberalisation of the tightly controlled Horn of Africa economy, held an initial public offering that closed early this year but sold only 10.7% of the shares on offer. The sale was restricted to Ethiopian citizens, with a 1-million birr (R127,584) limit on shares that any one investor could buy. The firm's total number of subscribers rose 6.3% to 83.2-million during the year, while subscribers to its financial service Telebirr increased 15.3% to 54.8-million, Frehiwot told a press conference.
Reuters
25-04-2025
- Business
- Reuters
Ethio Telecoms sells just 10.7% of shares in IPO
Item 1 of 4 Ethio-Telecom Chief Executive Officer, Frehiwot Tamiru, addresses the media during the six months share sale amount announcement in Addis Ababa, Ethiopia, April 25, 2025. REUTERS/Tiksa Negeri [1/4] Ethio-Telecom Chief Executive Officer, Frehiwot Tamiru, addresses the media during the six months share sale amount announcement in Addis Ababa, Ethiopia, April 25, 2025. REUTERS/Tiksa Negeri Purchase Licensing Rights, opens new tab ADDIS ABABA, April 25 (Reuters) - Ethiopia's state-owned Ethio Telecom sold only 10.7% of the shares in its initial public offering in which the government sought to trim its equity in the firm. The IPO is part of the government of Prime Minister Abiy Ahmed's broader plan to expand private investment in the Horn of Africa economy. The Reuters Tariff Watch newsletter is your daily guide to the latest global trade and tariff news. Sign up here. During the IPO, which commenced on October 16 and closed on February 14, Ethio Telecom sold 10.7 million shares out of 100 million on offer, Chief Executive Officer Frehiwot Tamiru said at a press conference in the capital Addis Ababa. The sale generated 3.2 billion Ethiopian Birr ($24.50 million) from 47,377 investors who took part in the IPO. Frehiwot said the relatively low uptake was partly because the company restricted the sale to only Ethiopian citizens. Ethiopians who had acquired foreign citizenship were not allowed to participate. "It is because of those restrictions we put on," Frehiwot said, explaining the low uptake. She added some investors were also put off by the 1 million Birr limit of shares that any individual investor could buy. ($1 = 130.6305 birr) Writing by Elias Biryabarema. Editing by Ayen Deng Bior and Mark Potter Our Standards: The Thomson Reuters Trust Principles., opens new tab
