The Big Winners: Ethiopian Investment Holdings’ 2017 Review of Ethiopia’s Economic Giants











Ethiopia’s State Enterprises Post Billions in Earnings in EFY 2017

Ethiopia’s state-owned enterprises (SOEs) remain at the heart of the national economy. From telecom revenues and aviation forex earnings to power generation and industrial parks, the EIH 2017 EFY portfolio review reveals both strong growth and structural challenges. This in-depth analysis breaks down sector performance, rankings, and the strategic direction ahead, with interactive charts and definitions to help readers navigate key acronyms.

Key Highlights at a Glance

Top Earners by Revenue

The undisputed leaders remain Ethio Telecom, Ethiopian Airlines, and the Commercial Bank of Ethiopia. While telecom dominated domestic revenue and digital payments, the airline secured vital forex, and CBE anchored the financial system with trillions in deposits. Meanwhile, utilities like EEU and large-scale construction corporations such as ECWC also made major contributions to overall earnings.

Top Revenue (ETB Billions) — Selected Enterprises

Profit Growth Leaders

Some of the fastest-growing enterprises were not the largest. The Ethiopian Lottery Service nearly tripled profits (+193%), while Ethiopian Shipping & Logistics doubled profits (+99%). Even Ethiopian Airlines, already a massive player, delivered +37% net profit growth. The National Alcohol & Liquor Factory also posted steady growth at +17%.

Profit Growth (%) — Leaders

Forex & Export Earnings

Foreign exchange remains Ethiopia’s economic bottleneck. Here, a handful of SOEs stand out. Ethiopian Airlines generated a staggering $7.6 billion in forex revenue. Ethiopian Electric Power added $335 million in energy exports, while the Industrial Parks Development Corporation contributed $124 million in manufactured exports. Even smaller players like the National Veterinary Institute added forex with $750,000 of regional exports.

Forex & Export Earnings (USD Millions)

Explore the Sectors

The portfolio spans telecom, transport, finance, construction, energy, and agriculture. Expand each sector for enterprise-level highlights and see how digitization, governance, and investment priorities tie back to growth.

Ethio Telecom: Revenue +72%; EBITDA 47%; Telebirr ETB 2.38T processed; 54.8M users.

Ethiopian Airlines: Revenue $7.6B; net profit +37%; saved 42% costs vs plan; route and fleet expansion continued.

EEP: Generated 29,480 GWh; sold 25,070 GWh; export sales $335M; GERD turbines added capacity.

EEU: ETB 51.7B revenue; ETB 4.6B net income; 5.2M customers; ongoing network expansion.

EPSE: 95% purchase targets, 99% sales; digitized supply and payments; LPG/ethanol blending push.

ECWC: Revenue ETB 18.3B (+80.5%); 34 projects; prefabricated housing growth.

EEC: ETB 8.9B revenue (+81%); 111 design, 272 supervision, 53 construction; $1.1M exports.

EEG: Revenue +48%; agri-machinery +62%; power equipment +37%.

FHC: ETB 9.34B revenue; USD 1.36M forex.

CBE: Deposits ETB 1.67T; loans ETB 458.4B (88% private sector); collections ETB 285.7B (+66.9%).

DBE: ETB 18B revenue (+30.7%); loan collections ETB 24B (+51.6%).

EIC: Underwriting 118% of plan; investment income 125% of target; push for digitization.

ESIG: 163,290 tons sugar (+34.8%); ETB 15.6B revenue; reforms and mechanization ongoing.

NALF: ETB 2.6B revenue; +17% PBT growth; market expansion.

NVI: ETB 482M revenue; ~$0.75M exports; vaccine and drug production scale.

EIIDE/CIC: EIIDE +82% revenue (112% targets), CIC 25% EBITDA; chemicals growth.

EABC: 467k quintals improved seed (+10.4%); 2.32M tons fertilizer.

Ethiopost: +90% revenue; 11% EBITDA; virtual PO boxes and e-commerce services.

ELS: +193% profit growth; +96% revenue.

BSPE: 178.7M sqm printed (92% capacity); ETB 606M PBT.

EMPDE: ETB 633M revenue; ETB 108M PBT; performance in decline.

ESL: 4.5M tons handled; +99% PBT growth; export cargo contributed.

ETRE: ETB 1.9B revenue; ETB 1.34B PBT; traffic growth and safety focus.

IPDC: $22M FDI; $124M exports; ~50k jobs; +92% revenue; audit/data upgrades pending.

Strategic Outlook

The review shows Ethiopia’s SOEs both as economic engines and policy instruments. Telecom and aviation are continental leaders, while power utilities and industrial parks lay foundations for industrialization. Yet challenges remain: debt burdens at rail, underperforming factories, and forex shortages.

EIH emphasizes a consistent playbook: digitalize operations, diversify products, cut costs, and expand regional markets. Whether through Telebirr’s digital payments, GERD-enabled electricity exports, or industrial parks attracting FDI, the path forward is about making these enterprises globally competitive and fiscally resilient.

For households, these numbers translate into better connectivity, more reliable power, and gradually improving availability of essentials. For the private sector, they highlight opportunities in logistics, energy services, fintech, and manufacturing supply chains linked to industrial parks. For policymakers, they underscore the need to align SOE reforms with macro stability, including forex management and debt sustainability.

Analysis compiled from EIH EFY 2017 performance dialogue. Where only growth rates were disclosed, charts use available values.