Investment Holdings Company Generates Over 249 Billion Birr in Quarter of Ethiopian Fiscal Year

The Ethiopian Investment Holdings (EIH) announced that the public enterprises under it generated over 249 billion Birr in the first fiscal quarter of 2016.

Presenting its performance for the quarter to the House of People’s Representatives Public Enterprises Standing Committee today, EIH CEO Abdurahman Eid Tahir said the enterprises in general have registered good performance.

The Ethiopian Investment Holdings was recently established to manage 26 public enterprises and to establish new companies.

According to him, Ethiopian Airlines, Ethiopian Petroleum Supply Enterprise, and Commercial Bank of Ethiopia registered high performance, generating 76 percent of the revenue.

On the other hand, 3 enterprises are still in bankruptcy, he said, naming the institutions as the Ethiopian Mineral Corporation, Ethiopian Pulp and Paper Factory, and Ethiopian Sugar Industry Group.

The CEO noted that efforts have been underway to engage foreign companies through various mechanisms.

Besides earning 249.9 billion Birr, the holding company has created 150,000 permanent and 89,000 temporary jobs, it was learned.

Members of the standing committee commended EIH for its remarkable growth, despite the weaknesses of a few companies.

The public enterprises under EIH reportedly generated 924 billion Birr in income last Ethiopian fiscal year.

EIH’s vision is to create wealth to meet the nation’s developmental objectives and lay the foundation for prosperity by enhancing the quality of livelihood of its citizens.

Ethiopian Investment Holdings (EIH) is one of the largest sovereign wealth funds in Africa, with over 150 billion USD in assets under management and additional dividend income inflow.

Source: ENA

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