Public Enterprises Bag 29.6b Br Gross Profit

Jun 1 , 2019


The Public Enterprises Holding & Administration Agency reported that 22 public enterprises grossed 29.6 billion Br in profit during the first three quarters of the current fiscal year. Ethio telecom has produced the highest share at 62pc, followed by the Commercial Bank of Ethiopia at 34pc. Ethiopian Shipping & Logistics Services Enterprise accounted for four percent. In addistion seven enterprises  generated 58 million dollars in revenue, fulfilling 73pc of their plan, according to Wondafrash Assefa, communication director at the Agency. Ethiopian Development Bank; the Ethiopian Mineral, Petroleum & Biofuel Corporation; the Ethiopian Pulp & Papers S.C; the Ethiopian Metals & Engineering Corporation; Ethiopian Trading Businesses Corporation; and Shebele Transport S.C suffered losses within the reporting period.


Radar

Horn Initiative Boosts Regional Development Agenda

A total of 20 projects worth three billion dollars are currently being implemented in Ethiopia under the Horn of Africa Initiative, which held a performance review platform last week. This initiative, established in 2019, seeks to economically integrate Horn of Africa countries through development projects. Finance Minister Ahmed Shide accentuated the initiative's goals of enhancing infrastructure connectivity, strengthening trade and economic integration, building resilience to natural and man...


Radar

Budget Woes Plague Region

The Amhara Regional State's six-month performance review revealed substantial budget shortfalls, achieving only 28.27pc of its targeted revenue. Chief Administrator Arega Kebede reported to the regional council that of the planned 71.65 billion Br for the current fiscal year, only 20.26 billion Br was collected. Despite this, revenue did see a year-on-year increase of four billion Birr. The regional state's tax-to-GDP ratio stands at a low 2.82pc, far below the national average of 7.05pc. Arega...


Radar

Modern Farming Boosted with New Centre of Excellence

The Agricultural Mechanization Centre of Excellence, built in the Qaliti area with collaboration from South Korea was inaugurated last week. The centre was constructed in seven months at a project cost of 14.7 million dollars funded by the South Korean government. It is expected to serve as a hub for inspecting, controlling, researching, and repairing agricultural mechanization machinery while also providing vocational training to develop skilled personnel in the field. Minister of Agricultur...