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Nine Public Enterprises net 8.2 Billion Birr annual Profit.

ADDIS ABABA – Nine public enterprises netted a combined total of 8.2 Billion Birr in annual profit but failed to achieve their target on job creation.

The enterprises secured the profit from services and products rendered in the 2022/23 Ethiopian fiscal year, according to their supervisory agency.

Public Enterprises Holding and Administration Agency Reviewed their annual performance in a series of meetings chaired by Finance Minister Ahmed Shide.

The Agency, in a statement on Saturday, announced that the companies generated a total of 45.3 Billion in annual revenues, attaining 101% of the target. The figure has shown a 27% increase from the preceding year’s 35.7 Billion Birr revenue.

The majority of revenues were generated by Ethiopian Electric Power (48%) and the Development Bank of Ethiopia (29.2%).

The least contributors, according to PEHAA, were the Animal Health Institute (0.6%), Liability Asset Management Corporation (0.29%) and Ethiopian Railways Corporation (0.05%), per the statement.

The other four are Industrial Inputs Development Enterprise (9.2%), Ethio Engineering Group (5.8), Industrial Park Development Corporation (4.1%), and Ethio Post (2.7).

In total, the Agency said the enterprises have bagged nearly 8.2 billion birr profit after tax and made more than 604 million birr worth of investment on social responsibility.

Despite the profit and increased revenues, the enterprises fell short of the target in job creation. The enterprises had a plan to create 92,779 job opportunities during the 2022/23 FY. They, however, were able to hire 65,371 employees.

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