18 February 2018

Ethiopia: State Enterprises Generate U.S.1.4 Billoin Br in Half Year

Ministry of Public Enterprises (MoPE) has announced a profit of 1.4 billion Br from the companies it administers during the first six months of the current fiscal year.

Such a profit was possible due to the better performance recorded by the enterprises under the Ministry, according to Asebe Kebede, deputy head of public relations at the Ministry.

Ethiopian Agricultural Works Corporation, Building Materials Supply Enterprise and National Alcohol Factory recorded double profits from the targets set.

The Ministry collected 18.3 billion Br revenues from sales of product and service during the last half year. This is 72pc of the annual revenue the Ministry planned to obtain, according to Asebe.

Since its establishment two decades ago, the Enterprise has transferred about 377 public companies. It also aims at privatising all the state-owned public enterprises under its administration, totalling 20, to the private firms step by step as a road-map to liberalisation.

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