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The state-owned engineering complex, Metal and Engineering Corporation (METEC) of Ethiopia, declared profit after it recorded losses in the first year of its operation. The corporation pocketed a little over 181 million birr in the 2011/12 budget year, recovering from its loss of over 381 million birr.
Only three factories, out of the nine under the umbrella of METEC, declared profit in the 2010/11 budget year. By addressing the problems of unprofitable factories, the corporation plans to amass a little over 1.6 billion birr in profits, according to General Kinfe Dagnew, General Manager of the corporation, who delivered the corporation performance report since its establishment, to MPs on January 9, 2013. The corporation’s revenue has dramatically increased from a little over half a billion birr in 2010/11 Ethiopian budget year to 16.7 billion birr in 2011/12. It plans to boost revenues to 28.4 billion birr in the 2012/13 budget year. However, the corporation has only managed to collect 4.5 billion birr as gross revenue in the first six months of this Ethiopian fiscal year.
Since its establishment about three years ago, the corporation has assembled 560 city buses, 189 dump trucks, 227 pickup vehicles and 5,145 tractors. It has also produced 2,866 transformers, 2,394 agricultural equipment and 667,579 various capital goods, according to the report presented to the House of Peoples Representatives.
The corporation is known to be heavily engaged in the development of power supply equipment, including hydropower, wind and geothermal. It is also involved in turnkey projects like designing, manufacturing and erecting of sugar and fertilizer factories. It is believed that up to 85 percent of the parts necessary to run these factories can be produced by the corporation itself. In addition to a dozen assembly-line factories under its umbrella, the corporation is producing spare parts for different factories and vehicles.
In a bid to solve the acute shortage of transformers in the country, the corporation has built a facility than can produce 20 transformers in a day. The same holds true for electric cable. The corporation has built a cable factory to satisfy the ever-increasing power demand caused by the fast development of the country.
Established in June 2010, METEC started work with 10 billion birr in capital. Presently, it has more than 13,000 employees. It is accountable to the Office of the Prime Minister.