Ethiopian Investment Holdings (EIH), the state’s sovereign investment arm, said its portfolio of state-owned enterprises generated 2.05 trillion birr ($35.7 billion) in revenue during the 2017 financial year, with net profit before tax rising 88% to 262.7 billion birr.
Transport and logistics firms, led by Ethiopian Airlines, accounted for the largest share of profit before tax at 66.8%, followed by financial services at 14.95% and energy and communications at 10.08%. Agriculture and agro-processing contributed 2.64%, while trade made up 2.02%.
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EIH said key performers included Ethio Telecom, which grew its internet subscribers by 15%, and the Commercial Bank of Ethiopia, which reported a 310% increase in deposits. Ethiopian Airlines carried 11% more passengers, while electricity supply rose 18.2% in gigawatt hours. Sugar production at Wenji Sugar Factory more than doubled, climbing 113%.
For 2018, EIH has set a target of 2.75 trillion birr in revenue and 412 billion birr in profit before tax, aiming to consolidate gains across its subsidiaries.
