Public Enterprises Generate 59.7 Billion Birr Profit in Nine-Month

ADDIS ABABA – Twenty public enterprises have bagged a total of 59.78 billion birr profit in the first three quarters of the 2020/21 fiscal year, their supervisor announced on Friday.

The amount has shown a 12.8 billion birr increase as compared to the targets they set for the period, said their supervisor Public Enterprises Holding and Administration Agency (Pehaa).

The enterprises have rendered a combined 246.45 billion birr worth of products and services during the first nine months of the fiscal year, which started on June 8, 2020.

they managed to achieve 95.2 percent of their target, said the agency whose officials held assessment meeting with the enterprises.

Despite increase in revenue, the amount of foreign currency the enterprises generated has fallen short of the agency’s target.

Eleven public enterprises including Ethiopian Airlines render their services and products to the international market.

These firms managed to generate a total of 5.66 billion US dollars revenue during the first three quarters of the fiscal year, according to the agency.

The figure is 1.55 billion birr short of the target, said Pehaa, achieving only 7.8% of the plan for the period.

Overall, officials of the agency are content with the performance of the 20 agencies considering the impact of Covid-19 pandemic on their works.

They, however, urged the enterprises to continue to push to achieve their target for the year in the remaining period of the current fiscal year.

Featured Image: Pehaa officials assessing Ethiopian Postal Service Enterprise’s performance [Photo Wondafrash Assefa]