Development and Hotel Company S.C.
Overview
Development and Hotel Company S.C. (DHC) is the state-owned share company, held by Ethiopian Investment Holdings, that owns the property occupied by the Hilton Addis Ababa — a five-star, 372-room hotel in the centre of the capital. DHC is an asset-holding company rather than a hotel operator: its income is its share of the hotel operation's profit plus interest on its deposits, and it is audited by the Audit Service Corporation.
Income doubled to ETB 506.5M as the company's share of the hotel's profit rose to ETB 484.5M, and profit after tax more than doubled to ETB 308.7M — a net margin of 61%. Total assets reached ETB 1.98B, with ETB 418.5M held in fixed-time deposits, against a state dividend payable of ETB 317.0M.
SourceETB 506.46M
ETB 308.69M
ETB 1.98B
SourceETB 197.77M
Performance
Income statement
| Fiscal year | 2014EC | 2015EC | 2016EC | 2017EC |
|---|---|---|---|---|
| Total Revenue | ETB 103.06M | ETB 191.17M | ETB 256.52M | ETB 506.46M |
| Total Expenses | ETB 66.85M | ETB 92.37M | ETB 117.75M | ETB 197.77M |
| Net Profit | ETB 36.21M | ETB 98.8M | ETB 138.77M | ETB 308.69M |
| Operating Revenue | ETB 99.71M | ETB 189.39M | ETB 238.64M | ETB 484.48M |
| Other Income | ETB 3.35M | ETB 1.78M | ETB 17.88M | ETB 8K |
| Administrative Expenses | ETB 48.02M | ETB 47.89M | ETB 62.27M | ETB 68.93M |
| Board Fees | ETB 75K | ETB 155K | ETB 313.5K | ETB 264K |
| Audit Fees | ETB 50K | ETB 172.5K | ETB 877.5K | ETB 172.5K |
| Operating Expense | ETB 48.15M | ETB 48.22M | ETB 63.46M | ETB 69.37M |
| Profit Before Tax | ETB 54.91M | ETB 142.95M | ETB 193.06M | ETB 437.09M |
| Income Tax Expense | ETB 18.71M | ETB 44.15M | ETB 54.29M | ETB 128.4M |
| Interest Income | — | — | — | ETB 21.97M |
Balance sheet
| Fiscal year | 2014EC | 2015EC | 2016EC | 2017EC |
|---|---|---|---|---|
| Total Assets | ETB 1.54B | ETB 1.62B | ETB 1.7B | ETB 1.98B |
| Equity | ETB 718.93M | ETB 720.73M | ETB 722.46M | ETB 815.06M |
| Non Current Assets | ETB 1.44B | ETB 1.22B | ETB 1.26B | ETB 1.35B |
| Current Assets | ETB 95.85M | ETB 402.87M | ETB 444.78M | ETB 630.14M |
| Total Liabilities | ETB 819.14M | ETB 898.41M | ETB 977.91M | ETB 1.17B |
Financial health
Return on equity (ROE)
37.9%
Return on assets (ROA)
15.6%
Capital adequacy ratio (CAR)
—
Non-performing loans (NPL)
—
Cost-to-income
—
Liquidity ratio
—
Competitors
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