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The Privatization and Public Enterprise Supervisory Agency (PPESA) announced that enterprises under its administration earned a total of 762 million birr before tax from business activities in the past six month period of the 2011/12 Ethiopian Fiscal year. The figure was larger than last year’s revenue by 230 million birr but still down from its target projection of earning one billion birr during this period.
Wendafrash Assefa, Head of public relations for the agency said the recorded revenue from 53 public enterprises PPESA administers looks lower than its projection because it does not include agricultural enterprises’ revenue. These will not submit their return to the central authority until the end of the fiscal year.
PPESA also plans to obtain an estimated gross profit of 3.12 billion birr in the 2011/12 Ethiopian Fiscal year up from the 2010/11 registered gross profit of 2.6 billion birr. PPESA considered this rather moderate projection because some of the enterprises that are slated for privatization may no longer be under its control before the end of the current fiscal year.
The Agency’s targeted export projection with regards to its 15 development organizations was also not as expected. It achieved roughly 358.7 million birr down from its target of earning about 551 million birr from exports.
PPESA cited the sluggish sale of Tantalum minerals for its failure to achieve export targets.
Wendafrash further said PPESA plans to earn from exports in the current fiscal year roughly 1.476 billion birr, up from last fiscal year’s revenues of 1.23 billion birr. This is also a moderate projection as PPESA expects to sell some of the enterprises under its belt before the end of the current Ethiopian fiscal year.
However, revenues from products and services, although still below its target projection of 29.3 billion birr were relatively better. PPESA managed to earn 26.8 billion birr in the six month period. The earnings were also more than double compared to the same period last year.
PPESA has recently put on auction four farms and four factories, currently owned by the government. The bids are scheduled to be opened on February 23rd. It also has fifty five additional businesses that are on the Privatization Agency’s waiting list.
Three hundred and ten publicly owned businesses have already been privatized in addition to Ras Hotel, for an attractive sum of 124.5 million birr and Meta Abo Brewery for 3.83 billion birr. The hotel and Brewery were privatized during the last six months. Government revenue consequently jumped to well over 12.6 billion birr.
However, Ethiopian Oil Enterprise, Construction and Design Enterprise, Comet Transport, and Brehanena Selam Printing Press, have been labeled strategic institutions and will likely remain in the public sector for quite some time.
The Privatization and Public Enterprise Supervisory Agency currently has 210 employees. Five people serve on its board of directors, headed by Aster Mamo, Government Whip at the House of Peoples Representatives, with a ministerial portfolio.