Ethio Telecom, Ethiopia’s state-owned telecommunications provider, has successfully thwarted more than 266,162 attempted cyber-attacks in the first half of its fiscal year, showcasing the effectiveness of its enhanced cybersecurity measures. This significant achievement underscores the company’s commitment to safeguarding its infrastructure against an increasingly complex cyber threat landscape.
Frehiwot Tamiru, CEO of Ethio Telecom, highlighted the company’s proactive approach in addressing these cyber threats. “By implementing new control mechanisms to counter cyber-attacks, we have managed to prevent any damage from these attempts,” he stated. The company’s robust cybersecurity strategy has been crucial in protecting against potential data breaches, service disruptions, and revenue losses.
The report indicates that Ethio Telecom not only excelled in cybersecurity but also demonstrated impressive financial performance during this period. The company earned $72.6 million in foreign exchange earnings, achieving 58.7% of its target. This included $67.36 million generated from international services and $5.24 million from Telebirr’s global money transfer service.
Despite facing economic challenges due to government macroeconomic policy reforms and a transition to a market-oriented foreign exchange system, Ethio Telecom reported a profit before interest, taxes, depreciation, and amortization (EBITDA) of 32.82 billion birr. The unaudited profitability margin increased to an impressive 55.6%, exceeding the target figure by 179.9%. Additionally, the company contributed significantly to the national treasury with a tax payment of 23.74 billion birr and repaid 15.4 million in foreign loans during the same period.
Frehiwot acknowledged that the depreciation of the currency has impacted the company’s reliance on foreign exchange for investments. In response, Ethio Telecom implemented a balanced price adjustment strategy aimed at maintaining service provision while ensuring high-quality services for customers. Notably, this strategy prioritized affordability for low-income users, with no price adjustments made for 43% of its services.
The company also reported substantial growth in its subscriber base, reaching a total of 80.5 million subscribers—an increase of 5.9 million or 7.9% compared to the same period last year. This growth reflects Ethio Telecom’s resilience and strategic competence despite prevailing economic difficulties.
