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SoE’s amass 52.3 bln birr profit
Beyene Gebremeskel, Director General of Public Enterprises Holding and Administration Agency

SoE’s amass 52.3 bln birr profit

The Public Enterprises Holding and Administration Agency (PEHA) on Thursday disclosed that a total of 23 public enterprises under its supervision have bagged a combined profit of some 52.3 billion birr during the 2018/19 (2011 EC) fiscal year.

However, the enterprises have fallen short of their plan, achieving only 77 percent of its set target. The plan, for the reported period, was to collect 69.5 billion birr.  

During a press conference held at the agency’s conference hall, Beyene Gebremeskel, Director General of the Agency, briefed journalists on the performance of the previous year; as well as the major targets set to be implemented during the current fiscal year.

According to Beyene, the stated amount of profit was collected from the revenue; the enterprises amassed, which reached 258.5 billion birr from the sale of services. Likewise, only 83 percent of the targeted revenue was achieved. The plan was to collect 311.7 billion birr.

Furthermore, the enterprises had planned to bring in some USD 10.3 billion in foreign currency. They, however, only managed to earn USD 7.3 billion which translates into 71 percent of the target set.

Regarding the current targets set for the current year, Beyene indicated that the plan is to improve on the performance of the enterprises by 30. Accordingly, 338.1 billion birr is set as a total revenue target for this current year, while the profit is expected to be at 70.4 billion birr or 34 percent higher than the previous year.

Speaking on the much-criticized privatization process, Beyene said that around 12 enterprises are going to be transferred to the private sector before the end of the fiscal year.

In related news, the agency has also announced earlier in the week that one of the giant state-owned enterprise, the Ethiopian Airlines Group has earned some 8.9 billion birr. The stated profit was achieved from the total revenue of 114.6 billion birr. According to the agency, in terms of foreign currency, the total revenue of the national flag carrier amounts to USD 3.9 billion birr.