Agricultural Corporation Avoids Anticipated Loss

December 12 , 2020


Agricultural Corporation Avoids Anticipated Loss

The Ethiopian Agricultural Business Corporation has managed to surpass its initial earnings target by 125pc. The firm brought in 724.8 million Br in revenues in the first quarter of this fiscal year. The Corporation expected to incur a 27-million-Br quarterly loss but instead earned 24 million Br, according to a recent assessment of its first quarter evaluation reports. The Corporation had a productive quarter due to increased agricultural production growth. It saw profits from a surplus of soil fertiliser and chemicals sales and an unprecedented boost from improved seeds and forest product sales. In contrast, the Ethiopian Sugar Corporation showed a 69pc success rate, earning 300 million Br less than the planned 2.5 billion Br. The earnings came from sugar, ethanol and molasses sales. Reform activities, above-average cultivation of cane plantations, and nearly complete maintenance of field equipment during the rainy season were also reported. Both corporations are under the supervision of the Public Enterprises Holding & Administration Agency.


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