Public Enterprises Generate 52.3b Br Profit

Oct 5 , 2019

23 public enterprises have generated a combined profit of 52.3 billion Br during the last fiscal year, according to a report from the  Public Enterprises Holding & Administration Agency. The performance is 77pc of the target set by the Agency, which is overseeing the enterprises. For the reported period, the Agency targeted the enterprises to generate 69.5 billion Br in profit, according to Beyene Gebremeskel, director-general of the Agency. The Agency also generated 258.5 billion Br in revenue from the sale of different public enterprises. The enterprises also reported 7.3 billion dollars in foreign exchange earnings out of the targeted 10.3 billion dollars in revenue. Before the end of the current fiscal year, the Agency plans to privatise 12 enterprises. For the current fiscal year, the Agency also targets that the public enterprises would generate  338.1 billion Br in revenue and 70.4 billion Br in profit. Ethiopian Airlines, one of the state-owned giant companies, bagged a total revenue of 114.6 billion Br. It's profit also hit 8.9 billion Br.