The Ethiopian Metal and Engineering Corporation announced a profit of 181 million birr for the past financial year. The corporation registered a profit for the first time having recorded a loss of more than 381 million birr in its first year of operation.

METEC was able to register profit by addressing problems with the majority of the nine companies under its umbrella that had failed to perform in the previous financial year according to Kinfe Dagnew, General Manager of the corporation delivering an annual performance report to the House of Peoples Representatives.

The corporation’s revenue has shown a significant increase to 16.7 billion birr from a little over half a billion birr the previous budget year he noted. It plans to enhance its revenues to 28.4 billion birr in the current fiscal year although it has only managed to collect 4.5 billion birr as gross revenue in the first six months.

In related news Ethiopia expects to produce fertilizer locally in time for the next crop season according to a report presented to the House of Peoples Representatives by the Metal and Engineering Corporation.

The country planned to build eight fertilizer factories as part of its development agenda with five factories designated to produce DAP fertilizer and the remaining three to manufacture Urea fertilizer noted General Kinfe Dagnew.

Source: Capital