State Enterprises Net 14b Br in First Quarter

Nov 13 , 2021


[ssba-buttons]

Three state-owned enterprises (SOEs) have reported combined profits of over 14 billion Br during the first quarter of the fiscal year. The Commercial Bank of Ethiopia (CBE), Ethio telecom, and the Ethiopian Shipping & Logistics Services Enterprise (ESLSE) recorded net profits of 6.8 billion Br, 5.93 billion Br, and 1.45 billion Br, respectively. During a performance evaluation of the SOEs last week at the Hilton Hotel presided by Finance Minister Ahmed Shide, the enterprises' representatives reported that they had managed to collect a combined 53.8 billion Br in revenues. The CBE accounted for over half the amount at 30.5 billion Br. Ethio telecom had revenues of a little over 13.5 billion Br. The CBE claims it has achieved 148pc of its target revenue, while Ethio telecom and the ESLSE have fallen short of their goals. The telecom giant's management cites the conflict in the country's north as a performance obstacle.


Radar

Korenti, Agelegel Microfinance Ink EV Financing Deal

Korenti Auto Trading PLC has signed a strategic agreement with Agelegel Microfinance to provide accessible financing options for electric vehicle (EV) buyers. The partnership seeks to ease EV ownership by offering fair pricing and loan packages with affordable rates. The initiative supports Ethiopia's push for clean transport and aligns with national sustainability goals. Korenti's managing director said the move reflects the company's commitment to expanding electric mobility. Customers can now...


Radar

NBE Leads Week-Long Bank Supervision Application Forum

The National Bank of Ethiopia (NBE) is hosting a week-long Bank Supervision Application (BSA) User Group meeting that began on July 7, 2025. The BSA system, developed by a pan-African consortium of central banks including the NBE, automates supervisory work for financial regulators. NBE will take over the rotating BSA chairmanship in September. Opening the session, Frezer Ayalew, Director of Bank Supervision, stressed the need for modern tools to handle growing regulatory demands amid cyberse...


Radar

Six Fuel Companies Banned, Seven Warned, Authority Noted Illicit Activity

The Ethiopian Petroleum & Energy Authority has taken disciplinary action against 13 fuel distribution companies for illegally trading 2.8 million litres of fuel outside the digital system in the past two months. Six firms face a one-month suspension from the fuel import and trading market, while seven others received final warnings and must rectify their operations within a month. Director General Destawe Mekwanant (PhD) said the companies failed to monitor fuel stations and ensure proper...