Ethio Telecom, Ethiopia’s National Telecom has reported a 31.4% increase in revenue for the year ending June 30, 2020, compared to the previous year. The company’s revenues for 2019/2020 totalled to 47.7 billion birr ($1.37 billion), stemming from network expansion, improving customer experience and expanding 4G services. The company also benefited massively from huge tariff reductions and selling 16 new international products.

“We have harvested a total of 47.7 Billion ETB revenue, which is 105.1% of the target and 31.4% increment from the previous budget year. This outstanding achievement is scored due to network expansion, projects targeting to enhance customer experience and satisfaction, 4G/LTE full coverage in Addis Ababa and introduction of LTE advanced service in some parts of Addis…” reads the company’s business performance summary.

Mobile services accounted for almost half of its revenues, contributing 49%. Internet data came second at 29%, while international services and value-added services (VAS) brought 9% and 9.4% of the companies’ revenues. In total, the company beat its revenue targets by 5.1%.

Ethio Telecom increased its total customer base by 5.8% to 46.2 million subscribers, most of who rely on the company’s voice services. The company’s network now covers 85.4% of the country.

Ethiopia is still undertaking the liberalization of its telecom sector. Recently the country invited foreign companies to submit expression of interest for two new telecommunication licenses. According to Reuters, the country received twelve bids, from Safaricom, MTN Group, Orange, and Vodafone, looking to bring in competition in the local market.