The Privatization and Public Enterprise Supervisory Agency in Ethiopia announced that it has earned a total of 762 million birr in revenue over the first two quarters of the fiscal year from the various enterprises under its administration.
The revenue raised by the agency is less than the 1 billion birr target it had set but up 230 million from the same period last year.
The revenue was raised by 53 public enterprises administered by PPESA excluding revenue for agricultural enterprises, which accounts for the deficit from the target revenue according to Wendafrash Assefa, Head of Public Relations with PPESA.
PPESA has set the target to raise 3.12 billion birr in the current Ethiopian financial year, showing an increase from the 2.6 billion it raised last year.The agency expects a moderate increase in revenue this year because some of the enterprises under its administration are targeted for privatization this year.
PPESA also failed to meet its export projections, citing the lower than anticipated sale of Tantalum minerals.
The agency still expects to raise 1.476 billion birr in exports showing an increase from the 1.23 billion birr it earned last year according to Wendafrash.
It is to be remembered that PPESA has called an invitation for bids on four factories and four farms with bids expected to be opened this week.
The four farms are Ababo, Bilito, Gojeb and Siraro. Bilito, Gojeb and Siraro farms are divisions of Hawassa Farm Development and Coffee and Tea Development Farm.
The four factories up for privatization are Awash Wine, Ethiopian Marble, Kality Metal and Upper Awash Agro. PPESA is expected to privatize fifty five more government operated enterprises in the future.
The privatization efforts of the agency have earned revenue of 8.7 billion birr since it was established in 1995 according to Wondafrash Assefa, Head of Public Relations with PPESA.
Source: Capital
