7 June 2014

Ethiopia: Tiret Bags Net Profit of 480 Million Birr

Tiret Corporate, an endowment established by the contribution of the Amhara National Democratic Movement (ANDM) and its 25 founding members, earned a net profit of 480 million birr in the 2013/14 fiscal.

Tadesse Kassa CEO of Tiret Corporate told The Reporter that the corporate earned a total profit of 780 million birr before tax and its net profit reachesd 480 million birr. He noted that though the company registers such a profit that doesn't mean they are achieving their goal. Thus there are things to do in the future.

The CEO added that the total revenue of the corporate is three billion birr and aims to expand its activity in connecting with the government's plan of Growth and Transformation Plan (GTP).

To achieve its goals, the corporate prepared a new strategic plan that will be implemented in the coming seven years and plans to establish 30 new companies that mainly focus on four major sectors.

According to Tadesse the four major sectors that the corporate gives priorities to are manufacturing, which comprises industries like textile and garmenting, chemical, electronics, metal, and food and beverages.

The other sector that gets priority is the agriculture and agro processing, service industry and construction sector.

Tiret Corporate currently owns Tikur Abay Transport PLC, Zeleke Agricultural Mechanization PLC, Dashen Brewery Share Company, Ambasel Trading House PLC, Tana Communications PLC, Belesa Logistics and Transit and the new Gondar Malt factory. Tiret was established as an endowment organization in 1995 with the assets that were in the hands of the Amhara National Democratic Movement (ANDM) after the fall of the Derg regime. These same assets were transferred to TIRET to the benefit of the people of the Amhara Regional State. The head office of the corporate is located in Bahir Dar city, the capital of Amhara Regional state.


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