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State Enterprises Net 14b Br in First Quarter

November 13 , 2021

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.


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