Ethiopian Minerals Corporation
Overview
Ethiopian Minerals Corporation is a state-owned mining and minerals enterprise held by Ethiopian Investment Holdings, organised into Mining, Oil and Gas, Biofuel and Consulting Services business units, with explored and developed products including gold, tantalum, lithium, platinum, copper, soda ash, gemstone, kaolin, feldspar, bentonite, dolomite, diatomite, quartz, salt, and oil and gas. It reports under IFRS in Ethiopian Birr with a 7 July year end, and files under the name Ethiopian Mineral Corporation from the year ended 7 July 2024, having previously reported as Ethiopian Minerals, Petroleum and Biofuel Corporation (EMPBC). The 2023 statements were consolidated and included the subsidiary Afar Salt Production Share Company; the 2024 statements present the Corporation alone and restate the prior year on that basis.
Total income grew to ETB 92.58M for the year ending 7 July 2024, as revenue rose to ETB 50.93M and other income to ETB 41.65M, while cost of goods sold of ETB 33.47M left a gross profit of ETB 17.46M. The loss for the year narrowed to ETB 51.50M as general and administrative expenses fell to ETB 111.29M, though an impairment loss of ETB 5.10M and finance costs of ETB 3.22M both increased. A ETB 140.00M loan from Ethiopian Investment Holdings was the only financing inflow, lifting cash to ETB 134.08M while equity fell to ETB 472.72M.
SourceETB 92.58M
-ETB 51.5M
ETB 1.25B
SourceETB 144.08M
Performance
Income statement
| Fiscal year | 2014EC | 2015EC | 2016EC |
|---|---|---|---|
| Total Revenue | ETB 9.93M | ETB 69.36M | ETB 92.58M |
| Total Expenses | ETB 60.96M | ETB 134.91M | ETB 144.08M |
| Net Profit | -ETB 51.03M | -ETB 65.54M | -ETB 51.5M |
| Operating Revenue | ETB 6.96M | ETB 39.98M | ETB 50.93M |
| Other Income | ETB 2.97M | ETB 29.38M | ETB 41.65M |
| Cost Of Sales | ETB 13.25M | ETB 30.51M | ETB 33.47M |
| Gross Profit | -ETB 6.29M | ETB 9.47M | ETB 17.46M |
| Impairment Loss | ETB 982.75K | ETB 750.01K | ETB 5.1M |
| General Admin Expenses | ETB 57.42M | ETB 114.94M | ETB 111.29M |
| Selling Distribution Expenses | ETB 210.43K | ETB 314.11K | ETB 1.55M |
| Total Operating Expenses | ETB 58.62M | ETB 116M | ETB 117.94M |
| Operating Profit | -ETB 61.94M | -ETB 77.15M | -ETB 58.83M |
| Finance Costs | ETB 13.04K | ETB 770.13K | ETB 3.22M |
| Profit Before Tax | -ETB 61.95M | -ETB 77.92M | -ETB 62.04M |
| Income Tax Expense | -ETB 10.92M | -ETB 12.37M | -ETB 10.54M |
Balance sheet
| Fiscal year | 2014EC | 2015EC | 2016EC |
|---|---|---|---|
| Total Assets | ETB 1.35B | ETB 1.16B | ETB 1.25B |
| Equity | ETB 688.62M | ETB 525.62M | ETB 472.72M |
| Non Current Assets | ETB 994.66M | ETB 967.41M | ETB 943.07M |
| Current Assets | ETB 356.54M | ETB 194.92M | ETB 304.13M |
| Total Liabilities | ETB 662.58M | ETB 636.72M | ETB 774.48M |
Cash flow
| Fiscal year | 2014EC | 2015EC | 2016EC |
|---|---|---|---|
| Operating | -ETB 42.72M | -ETB 42.77M | -ETB 66.12M |
| Investing | -ETB 200.02K | ETB 4.36M | ETB 8.17M |
| Financing | ETB 50M | ETB 0 | ETB 140M |
Financial health
Return on equity (ROE)
-10.9%
Return on assets (ROA)
-4.1%
Capital adequacy ratio (CAR)
—
Non-performing loans (NPL)
—
Cost-to-income
—
Liquidity ratio
—
Competitors
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