Ethiopian Construction Works Corporation
Overview
Ethiopian Construction Works Corporation is a public enterprise wholly owned by the Government of the Federal Democratic Republic of Ethiopia, established under Council of Ministers Regulation No. 366/2016 as amended by Regulation No. 390/2016 and held by Ethiopian Investment Holdings. It is organised into six business units covering construction, manufacturing, real estate development, equipment and machineries, and project development and management. Its consolidated IFRS statements include the subsidiary Geosynthetics Industrial Works Plc, and are audited by the Audit Services Corporation under the Office of the Federal Auditor General.
Operating revenue for the year ended 7 July 2024 grew to ETB 10.12bn and total income to ETB 10.66bn, but cost of sales rose to ETB 7.81bn and general and administrative expenses to ETB 1.59bn, so profit after tax was ETB 773.71M against ETB 772.98M a year earlier and the net margin narrowed to 7.3%. Total assets increased to ETB 24.84bn, with contract assets of ETB 11.07bn the largest single balance, and equity reached ETB 9.21bn. Operating activities generated ETB 876.74M of cash after using ETB 1.44bn in the prior year.
SourceETB 10.66B
ETB 773.71M
ETB 24.84B
SourceETB 9.89B
Performance
Income statement
| Fiscal year | 2014EC | 2015EC | 2016EC |
|---|---|---|---|
| Total Revenue | ETB 5.57B | ETB 8.13B | ETB 10.66B |
| Total Expenses | ETB 5.22B | ETB 7.36B | ETB 9.89B |
| Net Profit | ETB 354.63M | ETB 772.98M | ETB 773.71M |
| Operating Revenue | ETB 5.54B | ETB 7.79B | ETB 10.12B |
| Other Income | ETB 30.64M | ETB 344.87M | ETB 541.21M |
| Cost Of Sales | ETB 3.95B | ETB 5.71B | ETB 7.81B |
| Gross Profit | ETB 1.59B | ETB 2.08B | ETB 2.31B |
| General Admin Expenses | ETB 1.26B | ETB 1.27B | ETB 1.59B |
| Expected Credit Losses | ETB 35.77M | ETB 20.97M | ETB 40.7M |
| Selling Distribution Expenses | ETB 2.6M | ETB 3.36M | ETB 4.8M |
| Profit Before Tax | ETB 325.19M | ETB 1.12B | ETB 1.22B |
| Income Tax Expense | -ETB 29.44M | ETB 350.15M | ETB 443.64M |
| Total Comprehensive Income | ETB 354.03M | ETB 783.17M | ETB 783M |
Balance sheet
| Fiscal year | 2014EC | 2015EC | 2016EC |
|---|---|---|---|
| Total Assets | ETB 33.32B | ETB 21.99B | ETB 24.84B |
| Equity | ETB 5.13B | ETB 8.43B | ETB 9.21B |
| Non Current Assets | ETB 17.6B | ETB 2.48B | ETB 2.39B |
| Current Assets | ETB 15.71B | ETB 19.51B | ETB 22.45B |
| Total Liabilities | ETB 28.19B | ETB 13.55B | ETB 15.63B |
| Contract Assets | — | ETB 8.9B | ETB 11.07B |
Cash flow
| Fiscal year | 2014EC | 2015EC | 2016EC |
|---|---|---|---|
| Operating | ETB 1.41B | -ETB 1.44B | ETB 876.74M |
| Investing | -ETB 2.7B | ETB 25.86M | -ETB 115.85M |
| Financing | ETB 2.2B | -ETB 11.61M | -ETB 9.08M |
Financial health
Return on equity (ROE)
8.4%
Return on assets (ROA)
3.1%
Capital adequacy ratio (CAR)
—
Non-performing loans (NPL)
—
Cost-to-income
—
Liquidity ratio
—
Competitors
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