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BusinessFive state enterprises bag 790 mln birr profit

Five state enterprises bag 790 mln birr profit

National Alcohol tops the list

Five state-owned enterprises under the supervision of the Public Enterprises Holding and Administration Agency, have earned a combined profit of 792 million birr in the last fiscal year, the agency announced this week.

However, the Agency, in its statement issued on Thursday, revealed that the enterprises have missed their targets by a huge margin, with an initial target set at  1.9 billion birr, achieving below 50 percent of their target.

Out of the stated profits, National Alcohol and Liquor Factory accounts for 41 percent of the total profit, bagging 325 million birr. Meanwhile, the second best performing enterprise is Metals Industry Corporation, earning some 195 million birr, which translates into 25 percent of the combined profit.

Birhanena Selam Printing Press has collected some 143 million birr (18 percent) in the same period.

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Similarly, Chemical Industry Corporation as well as the Ethiopian Pulp and Papers Share Company are also among the five enterprises who have contributed to the stated profit.

The agencies top officials, CEOs of each enterprises and their respective board of management, have held continues meetings to evaluate the performance of each enterprises.

During the meetings, it was disclosed that the profits were mainly obtained from the sale of their products in both the local and international market.

But, according to the agency’s statement, the five enterprises were set to collect a combined revenue of some 10.7 billion birr from their total sales. However, they managed to collect only 7.5 billion birr, achieving 70 percent of the target.

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