Ethio Telecom’s chief financial officer, Asegd Ayele, revealed that the company has experienced significant foreign exchange losses surpassing 31 billion birr over the course of five years. Despite a rise in profit from 12% to 22% during the same period, Asegd Ayele emphasized that the state-owned enterprise has encountered difficulties due to inflation and currency losses.
During a recent presentation to the House of Representatives Standing Committee on Government Development Organizations, senior management from Ethio Telecom discussed the implementation of their nine-month strategy.
The CEO of Ethio Telecom, Frehivat Tamru, chaired the meeting with the legislative standing committee, where senior officials of the company were in attendance.
Members of the Standing Committee reported that the institution, overseen by the CEO, recorded earnings of 52.7 billion birr and deposited 103 million dollars in the preceding nine months. They also highlighted the success of the “Tele Birr” mobile money service, introduced by Ethio Telecom almost two years ago, which has garnered over 30.5 million users. The service facilitated the transfer of 394.7 billion birr within the past nine months alone.
The chief financial officer of Ethio Telecom addressed the company’s profitability, acknowledging that despite its profitability over the past five years, numerous challenges still need to be addressed. Asegd Ayele explained that their resources face considerable inflationary pressure and emphasized that Ethio Telecom is particularly affected by foreign currency losses.