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