Ethio Telecom's full-year pretax profit up more than 80%
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.
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