Ethiopian Investment Holdings Achieves Record Revenue, Targets Further Growth
Ethiopian Investment Holdings (EIH), the entity responsible for managing Ethiopia’s state-owned enterprises, reported impressive financial results for the 2017 fiscal year. The company announced revenues of 2.05 trillion birr and a pre-tax profit of 262.7 billion birr, marking a substantial 88% increase compared to the previous year. This strong performance underscores the growing potential of Ethiopia’s key industries and the effectiveness of EIH’s strategic management.
Sectoral Performance Highlights
EIH’s diverse portfolio demonstrated significant growth across several critical sectors. Ethio Telecom saw a 7% increase in voice subscribers and a 15% expansion in its internet user base, highlighting the continued demand for connectivity in the country. The Commercial Bank of Ethiopia experienced a massive surge in deposits, up by 310%, and increased its lending to the private sector by 104%, fueling economic activity. Ethiopian Airlines reported an 11% rise in passenger traffic, solidifying its position as a leading African carrier. Finally, the Ethiopian Electric Service boosted its power supply by 18.2% in gigawatt hours, contributing to the nation’s growing energy needs.
These results indicate the considerable progress being made across Ethiopia’s key sectors. With a target of 2.75 trillion birr in revenue for 2018, Ethiopian Investment Holdings is poised to further drive economic growth and development, leveraging its strategic investments in vital industries. The growth of Ethio Telecom, in particular, is significant in the context of Africa’s rapidly expanding digital economy.
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