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Ethio Telecom has announced its financial results for the 2023/24 fiscal year, showing significant growth. Revenue increased by 22 percent to birr 93.7 billion (USD 1.63 billion), and net profit rose by 21 percent to birr 21.79 billion. The company also reported a 20.7 percent increase in foreign exchange earnings, totaling USD 198.2 million.
In a separate report, the Commercial Bank of Ethiopia posted a record annual profit before tax of birr 25.6 billion for the fiscal year ending July 7, 2024. The bank’s annual revenue reached birr 135.4 billion (USD 2.1 billion), marking a 13 percent increase from the previous year.
