Agency Bags 55 Billion in Profit

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Twenty-one enterprises under the Public Enterprise Holding & Administration Agency earned 55 billion birr before tax in the last Ethiopian fiscal.

The profit was obtained from the sale of 300.5 billion birr worth of products and services provided in the budget year, Beyene Gebremeskel, said director-general of the Agency.

The Agency also secured 8.67 billion dollars from transactions made in foreign currencies.

The Agency had targeted that the public enterprises would generate 338.1 billion birr in revenue and 70.4 billion birr in profit for the year, falling from its plan by 38 billion birr.

However, compared to the profit earnings of the budget 2011 year, which was 52.3 billion birr, this year’s figure is higher.

In the current budget year, the enterprises plan to sell 376 billion birr worth of products and services and obtain 73.8 billion birr revenue before tax.

The Agency, which was restructured from the Ministry of Public enterprises in 2015, manages many public enterprises from Finance entities such as the Development Bank of Ethiopia, Ethiopian Insurance Corporation, and Commercial Bank of Ethiopia to transport sector service providers Ethiopian Airlines and Ethiopian Shipping and Logistics Service, not to mention Ethio Telecom.

Ethiopian Airlines, one of the state-owned giant companies, bagged a total revenue of annual revenue of 122.14 billion birr.

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