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Ethiopia: Public Enterprises' Collective Asset Surpass Birr 1 Trillion, Public Enterprises Holdings and Administration Agency

Public Enterprises Holding Administration Agency PEHAA

Public Enterprises Holdings and Administration Agency announced that the asset of Ethiopian public enterprises surpassed Birr one trillion. The enterprises are engaged in various businesses and cover 10% of the country’s nominal GDP.

According to the Agency, public enterprises such as the Ethiopian Development Bank, Metals and Engineering Corporation, and Ethiopst have become profitable. These companies were operating at a loss before reform measures were applied. Among these companies, Ethiopost was reported to be at a loss of Birr 78 million before it began reforming itself. It gained a revenue of Birr 568 million in the past six months of the current fiscal year amassing a gross profit of Birr 146 million.

The Agency administers nine public enterprises including Ethiopian Electric Power, Industrial Parks Development Corporation, ad Ethiopian Industrial Input Development Enterprise.

Source: Addis Zemen and Addis Zeybe

Image source: Capital Ethiopia