Ethio Telecom has seen five years of foreign exchange losses reaching more than 31 billion birr, according to Asegd Ayele, the company’s chief financial officer. Despite the company’s profit increasing from 12% to 22% during the preceding five years, Mr. Aseged asserted, the state-owned enterprise has struggled with inflation and currency losses.
During their presentation to the House of Representatives Standing Committee on Government Development Organisations yesterday, Ethio Telecom’s senior management said they will touch on the organization’s nine-month strategy’s implementation.
Frehivat Tamru, the CEO of Ethio Telecom, presided over a meeting of the legislative standing committee. Senior officials from the firm were present.
According to the members of the Standing Committee, the institution controlled by the chief executive reportedly earned 52.7 billion birr and deposited 103 million dollars in the preceding nine months. Additionally, they stated that the “Tele Birr” mobile money service, launched by Ethio Telecom almost two years ago, is now used by more than 30.5 million people. He added that this service was used to transfer 394.7 billion Birr in just the previous nine months.
Ethio Telecom’s profitability was discussed by the institution’s chief financial officer, who added that despite the company having been profitable over the previous five years, there are still “many challenges” to be resolved. Mr. Assegd claims that our resources are under a lot of inflationary pressure. Ethio Telecom, he continued, “is the company that is most affected by the loss of foreign currency.”