Ethiopian Investment Holdings Reports Strong Portfolio Growth Amid Sectoral Challenges
Ethiopian Investment Holdings (EIH) has reported robust performance across its portfolio during the past fiscal year, driven by growth in energy, engineering, hospitality, logistics, and sugar production.
In the energy sector, the Ethiopian Electric Utility (EEU) added 501,588 new customers, raising its total to 5.2 million. Electricity consumption reached 13,405 gigawatt-hours, a 29% annual increase. EEU generated Birr 51.76 billion in revenue and a provisional net income of Birr 4.6 billion while maintaining strong liquidity.
The Ethiopian Engineering Corporation (EEC) achieved 81% revenue growth, earning Birr 8.9 billion117% of its annual target. It executed 111 design projects, 272 supervision contracts, and 53 construction projects, while also generating USD 1.1 million from projects in Nigeria and Tanzania.
EIH’s hospitality arm, comprising Spa Service Enterprises, Ghion Hotels, Hilton Addis Ababa, and Genet Hotel, brought in Birr 2.1 billion, exceeding targets by 14%, with profit before tax of Birr 564.2 million.
The Ethiopian Sugar Industry Group (ESIG) and its factories produced 163,290 tons, up 34.8%, with sales of 166,603 tons generating Birr 15.6 billion, a 91.9% surge.
Meanwhile, Ethiopian Shipping and Logistics (ESL) transported 4.5 million tons of cargo, recording 90% revenue growth and nearly doubling profit before tax.
2Merkato.com