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Ethio telecom chair and deputy Ethiopian PM Temesgen Tiruneh reveals the company’s drastic profit drop was largely driven by a 1,825 percent jump in foreign exchange losses tied to the government’s decision to float the currency in July 2024.
Ethio telecom saw its profit after tax plummet by nearly 70 percent to 5.8 billion Birr in the 2024-25 financial year as the government’s currency and forex market reforms took their toll on the state-owned enterprise.
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A financial statement audited by the Audit Service Corporation and signed by Ethio telecom chair and deputy PM Temesgen Tiruneh reveals the company’s drastic profit drop was largely driven by a 1,825 percent jump in foreign exchange losses tied to the