In the wake of a devastating two-year war, SUR Construction Plc, one of Ethiopia’s premier contracting firms, is turning its gaze inward. As its executives grapple with significant losses, including the decimation of approximately 85pc of its machinery through looting, damages, and unfulfilled contracts, the company seeks clarity and, potentially, compensation. The key to this next chapter is a thorough valuation of its assets and business portfolio.

In a deal they signed two weeks ago, Sur Construction executives have enlisted the expertise of Industrial Projects Services (IPS), a state-run consultancy firm. An integral sub-entity of the Industrial Parks Development Corporation (IPDC), IPS has been invited by SUR to take on this significant undertaking.

SUR Construction was first incorporated in January 1992, with 100 million Br initial capital registered under five shareholders, all TPLF central committee members at the time. The company was restructured in August 1995, after the founding shareholders transferred 96pc of the shares to EFFORT, and the remaining to Berhan Building Construction, Messebo Building Materials Production, Meskerem Investment and Arkebe Oqubay, the latter serving as a board chairman early on.

Sur Construction has grown exponentially over the years. As a grade one contractor, it boasts a portfolio brimming with projects worth over nine billion Birr - from road construction to hydropower projects. The company’s vast footprint is evident across Tigray and Amhara regional states, as well as the capital Addis Abeba, where it is headquartered on Africa Avenue (Bole Road).

However, it has not been smooth sailing for SUR in recent years.

Before reaching out for the valuation, it languished under the oversight of Commercial Nominees Plc, a custodian by a court ruling that reportedly took a heavy financial toll. It is one of the 26 companies of 31 subsidiaries under EFFORT to win a court battle to regain its management autonomy.

“It was really huge step for the company,” said Zinfu Asfaw, SUR’s managing director. “It feels right to regain our autonomy, finally.”

The valuation’s purpose extends beyond determining the company’s present state.

As Fitsum Ketema, chief of staff at the IPDC, noted, it is about reconciling SUR’s pre-war reputation against its post-war predicament. The valuation is expected to incorporate a slew of variables - from inflation to the economic recession, from heightened risk to tangible war-inflicted damages. According to the executives, such a comprehensive approach is crucial for determining appropriate compensation. IPS has over four decades of experience consulting over 600 projects in agriculture, manufacturing, construction, transportation, and textiles.

“We are looking for some clarity,” Zinfu told Fortune. “It’ll help us evaluate investments in monetary terms.”