ADDIS ABABA – Twenty-one public enterprises have pocketed a combined revenue of over 300 bln birr during the 2019/20 fiscal year, reports a supervisory agency.
Director-general of Public Enterprises Holding and Administration Agency (PEHAA), Beyene Gebremeskel, has briefed journalists on the performance of the agencies during the fiscal year and their target for the current year on Wednesday.
Beyene disclosed the combined revenue has fallen short of the agency’s target by 11 percent. The plan, for the reported period, was to collect 338 bln birr.
In terms of net revenue, the agency has put the total profit of the enterprises before tax at 55.5 bln birr.
The agency said 50 percent of the net profit came from the state-owned telecom service provider, Ethio telecom, which collected 28.1 bln birr.
– Forex Revenue –
The enterprises had planned to bring in some USD 12.52 billion in foreign currency. They, however, only managed to earn USD 8.67billion which translates into 69 percent of the target set.
Ethiopian airline and Commercial banks contribute a majority of the revenue after they generated 7.5 bln and 3.4 bln US dollars, respectively.
The remaining came from Ethio telecom and development bank logistics.
Targets more revenue
Generally speaking, the performance registered in the 2019/20 FY was better when compared with its predecessor budget year by 44 bln birr, said Beyene. This is related to changes in three enterprises that led them to become revenue makers.
Only Sugar Corporation was underperforming last year because of project overloads, said the director-general.
For the current 2020/21 fiscal year, the enterprises’ collective revenue is expected to reach 376 bln birr or show a 22 present increase as per PEHA.
The enterprise will work to accomplish all projects under enterprises, generate more profits and modernize administrations, and to work better fighting against COVID–19, said Beyene.
By Mhret G/kristos