Shipping Behemoth Beats Profit Target Despite Cargo Dip

Feb 2 , 2025

Ethiopian Shipping & Logistics (ESL) announced its six-month performance report for the fiscal year, revealing a mixed outcome. While it achieved 95pc of its operational service target, handling 2,880,187tn of cargo, this represents a slight decrease compared to the same period in the previous fiscal year. The ESL attributed this dip primarily to global difficulties, notably Red Sea shipping disruptions. Despite these hurdles, the company reported exceeding its profit targets. Projecting 6.21 billion Br in pre-tax profit, the ESL was able to generate 9.3 billion Br. Revenue also surpassed expectations, with 46.7 billion Br collected against a planned 44 billion Br. In terms of cargo movement, the ESL transported over 2,051,000tn of goods via its own and chartered vessels, and moved 59,930 TEU containers through its multimodal transport system. The company also handled over 220,500 TEU containers at dry ports and terminals. The ESL stressed its ongoing digitalization efforts, accounting updates, capacity building initiatives, and project monitoring application as contributing factors to its positive financial performance.