Public Enterprises Generate 52.3b Br Profit

Oct 5 , 2019


[ssba-buttons]

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.  


Radar

Ethiopia, IFAD Sign 69.2m Dollar Deal to Promote Lowland Resilience

The Ethiopian Government and the International Fund for Agricultural Development (IFAD) have signed a 69.2 million dollar grant agreement to implement Phase II of the Lowland Livelihoods Resilience Project (LLRP II). The grant agreement was signed by Finance Minister Ahmed Shide and IFAD President Alvaro Lario. The project targets climate resilience and improved livelihoods for three million people in pastoral and agro-pastoral communities. Co-financed by the World Bank, LLRP II covers eight reg...


Radar

NBE Expands Diaspora Warning Over Unlicensed Remittance Firms

The National Bank of Ethiopia (NBE) has issued an expanded public warning targeting unlicensed remittance operators abroad, flagging four U.S.-based companies it says are undermining Ethiopia's financial regulations. The warning includes newly disclosed findings and specific cases that underscore growing concerns about illicit cross-border financial activity. Remittance flows remain a vital lifeline for Ethiopia's economy, supporting households and supplying critical foreign currency. But as...


Radar

Stricter Standards Unveiled for Public Auditors, Accounting Firms

The Accounting & Auditing Board of Ethiopia (AABE) has issued a new directive aimed at strengthening oversight and professional standards in the accounting and auditing sector. Grounded in the Financial Reporting Proclamation, the directive addresses long-standing regulatory gaps while preparing the sector for the country's emerging capital market. Key provisions introduce stricter licensing standards for public auditors, professionals permitted to audit public interest entities. Applican...