Logistics Giant Posts 8.9b Br Profit Amidst Global Turmoil

Jul 28 , 2024

In the face of conflicts and global uncertainties, the state-owned logistics giant Ethiopian Shipping & Logistics has ended the year with 8.89 billion Br gross profit. It has garnered 57 billion Br in revenues, although high expenses of 48 billion Br weighed down the performance. CEO Beriso Amalo (PhD), outlined the Red Sea crisis, and the Russia-Ukrain conflict as global challenges while security concerns, especially in Amhara Regional State, were a setback, with 630 trucks unable to leave the region. Although high expenses of 48 billion Br weighed down the performance, ESL managed to generate over 420 million dollars in foreign currency. Beriso said transportation of fertiliser without demurrage charges, and reducing truck maintenance time using local spare parts contributed to an overall positive performance in the year.