With Ethio Telecom Profit Surge Confirmed, Focus Shifts to Exchange Listing Plans
Ethio Telecom is turning a massive profit, but public enthusiasm for its shares is lagging far behind
Ethio Telecom reported a pretax profit of $550 million for the fiscal year, an 80% increase from the previous period. Subscriber numbers grew to 83.2 million, up 6.3% year-on-year, according to company data shared this week.
The state-owned operator’s IPO raised $24.5 million, falling short of its $240 million goal. Only 10.7% of the available shares were purchased. The sale was intended to attract private investment and ease fiscal pressure on the government.
The company plans to list on the Ethiopian Securities Exchange. The ESX, launched in January, is the country’s first exchange in 50 years. A secondary market for treasury bills and equities became active earlier this month.
Ethio Telecom’s CEO Frehiwot Tamiru confirmed that the listing will move forward, despite earlier delays.
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