State Financial Institutions Gross 3.8b Br Profit

Nov 28 , 2020


The three state-owned financial institutions under the Public Enterprise Holding & Administration Agency have grossed 3.8 billion Br in profit during the first quarter of this fiscal year. Commercial Bank of Ethiopia (CBE), the Ethiopian Insurance Corporation (EIC) and Development Bank of Ethiopia (DBE) are three institutions that have achieved 87.4pc of the targeted 4.4 billion Br profit. The largest share is controlled by  Commercial Bank of Ethiopia, which accounted for 81pc of the total value with 3.1 billion Br. DBE and EIC follow with 455 million Br and 260 million Br in profits, respectively. The companies have also bagged 19 billion Br in revenues, 95pc of the plan, during the reporting period. During the past fiscal year, the 22 public enterprises under the Agency grossed 300.5 billion Br and 55.6 billion Br in revenues and profit, respectively.


Radar

DREARY LANES

A street lamp around Addis Abeba Stadium melds into the concrete backdrop emblematic of the capital's ageing infrastructure. Over the past few years, Ethiopia's electric grid has been subject to destruction and theft, subjecting the public treasury to hundreds of millions in losses. Nearly half of the country's population does not have access to electricity. A series of projects by the World Bank has contributed to the slight but essential upgrade to the nation's grid, including a 500 million do...


Radar

PLUMPY HUMPS

A trio of donkeys drag along the main road in front of Menlik School around the Arat Kilo area. While the four-legged domestic animal is a venerated member of the Ethiopian labour force, its skin and meat are increasingly valued in the international markets. Rhong Chang, a donkey slaughterhouse operating in Assela Town, Oromia Regional State reopened its services after a seven-year break two years ago. Public outroar has often accompanied the entrance of donkey abattoirs into Ethiopia since anot...


Radar

IMPROMPTU AISLES

A bustling market emerges under a bridge in the boroughs of the Bole Michael area. Addis Abeba City Administration has launched a series of aesthetic initiatives embalmed in themes of beautification and urbanisation that have removed thousands of shops built with makeshift tents. Above a quarter of Addis Abeba's labour force is engaged in the informal economy, which while often associated with connotations of illegality, remains a sizeable employer in emerging economies across the world. Calibra...


Back
WhatsApp
Telegram
Email