Overview
Berhanena Selam Printing Enterprise is a wholly government-owned printer in Addis Ababa, held by Ethiopian Investment Holdings since May 2022. Founded in 1921 and named after the newspaper it first printed, it runs security printing, regular commercial printing of newsletters and books, and a Printing Technology Academy established in 2016 that trains printing and graphic-arts professionals. It reports under IFRS with a 7 July year end, and its audited statements record that it was selected as one of the state enterprises preparing for capital-market listing, with an IPO readiness gap assessment carried out by KPMG.
Sales rose 11% to ETB 1,604.0M and other operating income nearly doubled to ETB 77.7M, lifting profit after tax 13% to ETB 422.0M at a net margin of 25%. Total assets grew 46% to ETB 3.28bn as inventories rose to ETB 1,484.3M and cash to ETB 691.3M, funded by ETB 983.8M of trade and other payables and a ETB 161.0M long-term loan — the enterprise's first.
SourceETB 1.68B
ETB 422.01M
ETB 3.28B
SourceETB 1.26B
Performance
Income statement
| Fiscal year | 2014EC | 2015EC | 2016EC | 2017EC |
|---|---|---|---|---|
| Total Revenue | ETB 718.72M | ETB 1.12B | ETB 1.49B | ETB 1.68B |
| Total Expenses | ETB 542.34M | ETB 865.69M | ETB 1.11B | ETB 1.26B |
| Net Profit | ETB 176.38M | ETB 250.52M | ETB 372.15M | ETB 422.01M |
| Operating Revenue | ETB 679.9M | ETB 1.07B | ETB 1.45B | ETB 1.6B |
| Other Operating Income | ETB 38.82M | ETB 42.6M | ETB 39.42M | ETB 77.75M |
| Cost Of Sales | ETB 328M | ETB 489.41M | ETB 592.69M | ETB 715.43M |
| Gross Profit | ETB 351.91M | ETB 584.2M | ETB 855.03M | ETB 888.57M |
| General Admin Expenses | ETB 133.62M | ETB 240.03M | ETB 315.12M | ETB 327.93M |
| Termination Benefit Expenses | -ETB 1.51M | -ETB 2.02M | ETB 13.94M | ETB 4.55M |
| Impairment Losses Trade Receivables | ETB 2.53M | ETB 4.14M | ETB 1.02M | ETB 2.93M |
| Operating Profit | ETB 256.08M | ETB 384.64M | ETB 564.37M | ETB 630.91M |
| Finance Costs | ETB 4.23M | ETB 3.15M | ETB 3.95M | ETB 6.57M |
| Profit Before Tax | ETB 251.85M | ETB 381.5M | ETB 560.42M | ETB 624.34M |
| Income Tax Expense | ETB 75.46M | ETB 130.98M | ETB 188.27M | ETB 202.33M |
Balance sheet
| Fiscal year | 2014EC | 2015EC | 2016EC | 2017EC |
|---|---|---|---|---|
| Total Assets | ETB 1.51B | ETB 1.9B | ETB 2.25B | ETB 3.28B |
| Equity | ETB 1.24B | ETB 1.35B | ETB 1.45B | ETB 1.59B |
| Non Current Assets | ETB 361.24M | ETB 474.47M | ETB 544.71M | ETB 846.06M |
| Current Assets | ETB 1.15B | ETB 1.43B | ETB 1.7B | ETB 2.43B |
| Total Liabilities | ETB 274.65M | ETB 557.31M | ETB 799.62M | ETB 1.69B |
Cash flow
| Fiscal year | 2014EC | 2015EC | 2016EC | 2017EC |
|---|---|---|---|---|
| Operating | -ETB 8.84M | ETB 159.7M | ETB 202.14M | ETB 494.2M |
| Investing | -ETB 97.45M | -ETB 158.7M | -ETB 144.76M | -ETB 386.46M |
| Financing | — | -ETB 14.41M | -ETB 11.48M | ETB 150.01M |
Financial health
Return on equity (ROE)
26.6%
Return on assets (ROA)
12.9%
Capital adequacy ratio (CAR)
—
Non-performing loans (NPL)
—
Cost-to-income
—
Liquidity ratio
—
Competitors
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