ADDIS ABABA – The Ethiopian Shipping and Logistics Services Enterprise (ESLSE) annual revenue grew by 128% to 51 billion Birr last fiscal year, according to its performance report.
ESLSE, a state-owned company, handles most of Ethiopia’s multimodal ocean freight. Its services involve providing shipping services, arranging the transfer of goods, and operating logistics hubs and centers.
The enterprise transported more than 3.6 million tons of cargo during the 2021/22 Ethiopian fiscal year that ended two months ago.
The company posted 51 billion Birr in revenue and 3 billion Birr in profit, showing 128 % and 121% Year-on-Year increases, respectively.
However, ESLSE officials were told to do more in improving the efficiency of the ESLSE after a meeting that the Ethiopian Investment Holdings held as part of the annual performance evaluation for portfolio companies.
“Improving the efficiency of ESLSE will be essential both as an enabler of competition but also as a source of growth,” Mamo Mihiretu, CEO of the EIH.
EIH also advised officials of the enterprise to capture more cargo volume, reduce operational inefficiency, expand cross trading in markets outside Ethiopia, and reorganize itself to allow for strategic investment partnerships.