**Addis Ababa**: Ethiopian Investment Holdings has released its mid-year performance review, highlighting significant achievements by the Ethiopian Sugar Industry Group and Ethiopian Petroleum Supply Enterprise, while noting challenges faced by others including the Educational Materials Production & Distribution Enterprise and Ethiopian Railway Corporation.
Ethiopian Investment Holdings (EIH) has unveiled its mid-year performance review for its portfolio companies, revealing a spectrum of results for the first half of the fiscal year. This review underscores a blend of successes and challenges faced by various enterprises under its umbrella.
The Ethiopian Sugar Industry Group (ESIG) has notably performed well, achieving 95.3% of its sales goal. In the first half of the fiscal year, ESIG sold 64,190 tonnes of sugar, generating revenue of 6.1 billion Br, which marks an impressive 132% growth compared to the same period last year. Despite facing challenges related to capacity and supply, ESIG’s performance stands out as a significant achievement within the review period.
Similarly, the Ethiopian Petroleum Supply Enterprise (EPSE) reported robust figures, meeting 92% and 97% of its purchase and sales targets, respectively. This success has been partly attributed to recent advancements in digitisation efforts. In light of the prevailing macroeconomic changes, EIH leaders have advised EPSE to closely monitor its subsidies and to gradually ease the strain on the stabilization fund.
The Ethiopian Industrial Inputs Development Enterprise (EIIDE) also showcased strong performance, achieving a 47% year-over-year revenue growth while meeting 95% of its planned targets. EIIDE also excelled in sourcing, achieving 86% of its strategic procurement targets. EIH officials have urged EIIDE to focus on enhancing supply chain management and diversifying market offerings to boost operational efficiency.
In contrast, several enterprises struggled to meet their targets. The Educational Materials Production & Distribution Enterprise (EMPDE) secured only 38% of its revenue target and a mere 22% of its planned profit for the assessment period. Likewise, the Ethiopian Railway Corporation (ERC) posted revenues of 190.4 million Br but continues to grapple with financial difficulties stemming from foreign debt and delays in project execution. EIH has called upon ERC to prioritise financial audits and to resume projects that have been put on hold, emphasising the need for financial restructuring and improved risk management strategies.
Overall, while there are successes to celebrate, the findings from the review indicate ongoing challenges that numerous enterprises face within Ethiopia’s evolving economic landscape.
Source: Noah Wire Services
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