Public Enterprises Generate 271.3bln Birr Revenues

ADDIS ABABA – Public enterprises have generated a combined 271.3 billion birr revenues in the first half of the current 2021/22 fiscal year, achieving 103% of their target set for the period.

The revenue has shown a 60% or 101.6 billion birr increase as compared to the amount generated in the same months of last year, Habtamu Hailemichael, general-director of the Public Enterprises Holding and Administration Agency (Pehaa).

The agency supervises dozens of public enterprises engaged in seven sectors.

The majority of the revenues was generated by companies that are rendering transport and logistics, finance and telecommunication services, generating 56.2%, 23.4% and 10.4% of the total revenues, respectively.

The remaining 10% came from enterprises engaged in agriculture and agro-industry, manufacturing, construction as well as trade and services, said the agency.

In total, the Agency said the enterprises have bagged nearly 52 billion birr profit after tax.
This too has shown a 25.5 billion birr or 96.7% increase, said the General-director.

Despite an increase in profit, the amount of foreign currency the enterprises generated has failed to meet the agency’s target, by a small margin.

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

These firms managed to generate a total of $3.83 billion revenue in the six month period and achieved 96% of their target set at $4 billion.

Apart from generating revenues, the enterprises have created 12‚260 job opportunities and made 2.38 billion worth of investment on social responsibility in the six month period.

About 22% of the newly hired workers are women, said the agency.

Featured Image: General-director of Public Enterprises Holding and Administration Agency (Pehaa), Habtamu Hailemichael, at a press briefing on Wednesday March 23, 2022. [Photo Wondafrash Assefa]