Overview
Ethiopian Electric Power is a state-owned enterprise held by Ethiopian Investment Holdings whose principal activities, as stated in its audited financial statements, are the generation and transmission of power, substation construction, upgrading and management, and the sale of bulk electric power. It was established as an autonomous public enterprise by Council of Ministers Regulation No. 302/2013 and assumed the generation and transmission rights and obligations of the former Ethiopian Electric Power Corporation on 9 December 2013. It reports under IFRS in Ethiopian Birr with a 7 July year end and is audited by the Audit Services Corporation of the Office of the Federal Auditor General.
Total income rose 25% to ETB 32.25bn for the year ended 7 July 2024, as revenue from contracts with customers reached ETB 27.14bn and other income ETB 5.11bn. The net loss narrowed to ETB 10.15bn: the net impairment loss on financial assets fell to ETB 847.82M, lifting EBITDA to ETB 23.60bn and producing an operating profit of ETB 15.09bn, though finance costs rose to ETB 25.23bn. Total assets reached ETB 709.75bn and equity rose to ETB 562.48bn as total liabilities fell to ETB 147.27bn.
SourceETB 32.25B
-ETB 10.15B
ETB 709.75B
SourceETB 42.4B
Performance
Income statement
| Fiscal year | 2012EC | 2013EC | 2014EC | 2015EC | 2016EC |
|---|---|---|---|---|---|
| Total Revenue | ETB 10.05B | ETB 13.28B | ETB 23.47B | ETB 25.76B | ETB 32.25B |
| Total Expenses | ETB 39.7B | ETB 36.08B | ETB 53.57B | ETB 50.6B | ETB 42.4B |
| Net Profit | -ETB 29.65B | -ETB 22.79B | -ETB 30.1B | -ETB 24.84B | -ETB 10.15B |
| Operating Revenue | ETB 9.01B | ETB 13.03B | ETB 19.09B | ETB 22.48B | ETB 27.14B |
| Other Income | ETB 1.03B | ETB 254.4M | ETB 4.38B | ETB 3.27B | ETB 5.11B |
| Direct Costs | ETB 2.42B | ETB 4.99B | ETB 3.06B | ETB 4.08B | ETB 7.01B |
| Operating Expenses | ETB 154.6M | ETB 169.2M | ETB 9.23B | ETB 151.32M | ETB 792.39M |
| Net Impairment Loss On Financial Assets | ETB 352.12M | ETB 1.19B | ETB 3.26B | ETB 14.18B | ETB 847.82M |
| Ebitda | ETB 7.12B | ETB 6.94B | ETB 7.92B | ETB 7.35B | ETB 23.6B |
| Depreciation Property Plant Equipment | ETB 7.5B | ETB 7.59B | ETB 7.96B | ETB 8.03B | ETB 8.47B |
| Depreciation Right Of Use Assets | ETB 74.82M | ETB 68.92M | ETB 69.01M | ETB 122.98M | ETB 40.05M |
| Operating Profit | -ETB 450.17M | -ETB 721.7M | -ETB 114.77M | -ETB 804.67M | ETB 15.09B |
| Finance Costs | ETB 29.2B | ETB 22.07B | ETB 29.99B | ETB 24.03B | ETB 25.23B |
Balance sheet
| Fiscal year | 2012EC | 2013EC | 2014EC | 2015EC | 2016EC |
|---|---|---|---|---|---|
| Total Assets | ETB 579.99B | ETB 621.7B | ETB 652.75B | ETB 672.19B | ETB 709.75B |
| Equity | ETB 182.34B | ETB 355.12B | ETB 328.01B | ETB 304.99B | ETB 562.48B |
| Non Current Assets | ETB 541.72B | ETB 578.76B | ETB 603.03B | ETB 636.05B | ETB 683.81B |
| Current Assets | ETB 38.27B | ETB 42.94B | ETB 49.72B | ETB 36.14B | ETB 25.93B |
| Total Liabilities | ETB 397.65B | ETB 266.59B | ETB 324.74B | ETB 367.19B | ETB 147.27B |
Cash flow
| Fiscal year | 2012EC | 2013EC | 2014EC | 2015EC | 2016EC |
|---|---|---|---|---|---|
| Operating | -ETB 22.94B | ETB 18.28B | ETB 2.32B | ETB 16.21B | ETB 32.33B |
| Investing | -ETB 15.27B | -ETB 27.79B | -ETB 20.38B | -ETB 25.17B | -ETB 39.44B |
| Financing | ETB 34.3B | ETB 9.58B | ETB 29.34B | ETB 7.74B | ETB 5.01B |
Financial health
Return on equity (ROE)
-1.8%
Return on assets (ROA)
-1.4%
Capital adequacy ratio (CAR)
—
Non-performing loans (NPL)
—
Cost-to-income
—
Liquidity ratio
—
Competitors
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