Overview
Ethiopian Petroleum Supply Enterprise (EPSE) is the state enterprise held by Ethiopian Investment Holdings that imports, stores and wholesales petroleum products for Ethiopia and holds the country's strategic petroleum reserve, operating 104 storage tanks across 13 locations from a head office in Addis Ababa and a branch office in Djibouti. Its audited statements show an import-and-resale business of very large turnover and very thin margin: revenue of ETB 271.08bn in the year to 30 June 2023 produced gross profit of ETB 1.18bn and profit after tax of ETB 236.79m. Share capital has stood at ETB 500m since at least 2019, and the balance sheet is dominated by trade and other receivables of ETB 133.20bn against trade and other payables of ETB 215.88bn at 30 June 2023.
Revenue from contracts with customers grew to ETB 271.08bn but gross profit slipped to ETB 1.18bn from ETB 1.20bn, so profit before tax was flat at ETB 508.51m; profit after tax fell to ETB 236.79m because the income tax expense rose to ETB 271.72m from ETB 125.81m. Operating cash flow turned negative at ETB 1.81bn as trade and other receivables increased by ETB 19.72bn to ETB 133.20bn, and cash and cash equivalents ended the year at ETB 60.35bn against ETB 62.20bn a year earlier.
SourceETB 271.55B
ETB 236.79M
ETB 225.75B
SourceETB 271.31B
Performance
Income statement
| Fiscal year | 2011EC | 2012EC | 2014EC | 2015EC |
|---|---|---|---|---|
| Total Revenue | ETB 79.2B | ETB 87.51B | ETB 216.63B | ETB 271.55B |
| Total Expenses | ETB 78.98B | ETB 87.24B | ETB 216.25B | ETB 271.31B |
| Net Profit | ETB 220.3M | ETB 272.09M | ETB 382.78M | ETB 236.79M |
| Operating Revenue | ETB 79.02B | ETB 87.4B | ETB 216.18B | ETB 271.08B |
| Other Income | ETB 33.86M | ETB 24.52M | ETB 45.62M | ETB 76.39M |
| Finance Income Net | ETB 147.09M | ETB 87.93M | ETB 403.82M | ETB 391.25M |
| Cost Of Sales | ETB 78.38B | ETB 86.74B | ETB 214.99B | ETB 269.9B |
| Gross Profit | ETB 643.84M | ETB 651.52M | ETB 1.2B | ETB 1.18B |
| General Admin Expenses | ETB 434.1M | ETB 365.45M | ETB 1.14B | ETB 1.14B |
| Audit Fee | ETB 1.21M | ETB 950K | — | — |
| Board Members Fee | ETB 129.9K | ETB 311.3K | ETB 556K | ETB 592K |
| Operating Profit | ETB 242.27M | ETB 309.33M | ETB 104.77M | ETB 117.27M |
| Profit Before Tax | ETB 389.36M | ETB 397.25M | ETB 508.59M | ETB 508.51M |
| Income Tax Expense | ETB 169.06M | ETB 125.16M | ETB 125.81M | ETB 271.72M |
Balance sheet
| Fiscal year | 2011EC | 2012EC | 2014EC | 2015EC |
|---|---|---|---|---|
| Total Assets | ETB 41.02B | ETB 54.9B | ETB 219.9B | ETB 225.75B |
| Equity | ETB 3.82B | ETB 3.9B | ETB 3.9B | ETB 3.9B |
| Non Current Assets | ETB 2.59B | ETB 2.57B | ETB 2.68B | ETB 2.84B |
| Current Assets | ETB 38.44B | ETB 52.33B | ETB 217.23B | ETB 222.91B |
| Inventories | ETB 5.88B | ETB 5.6B | ETB 25.17B | ETB 22.54B |
| Trade And Other Receivables | ETB 17.95B | ETB 18.58B | ETB 113.85B | ETB 133.2B |
| Cash And Cash Equivalents | ETB 14.35B | ETB 27.8B | ETB 62.2B | ETB 60.35B |
| Total Liabilities | ETB 37.2B | ETB 51B | ETB 216.01B | ETB 221.85B |
| Non Current Liabilities | ETB 506.42M | ETB 482.41M | ETB 422.03M | ETB 395.63M |
| Current Liabilities | ETB 36.7B | ETB 50.52B | ETB 215.58B | ETB 221.46B |
| Trade And Other Payables | ETB 33.33B | ETB 46.43B | ETB 207.95B | ETB 215.88B |
| Share Capital | ETB 500M | ETB 500M | ETB 500M | ETB 500M |
Cash flow
| Fiscal year | 2011EC | 2012EC | 2014EC | 2015EC |
|---|---|---|---|---|
| Operating | -ETB 7.95B | ETB 13.53B | ETB 37.12B | -ETB 1.81B |
| Investing | ETB 111.32M | ETB 57.35M | ETB 310.33M | ETB 223.47M |
| Financing | -ETB 347.52M | -ETB 133.8M | -ETB 529.8M | -ETB 265.98M |
Financial health
Return on equity (ROE)
6.1%
Return on assets (ROA)
0.1%
Capital adequacy ratio (CAR)
—
Non-performing loans (NPL)
—
Cost-to-income
—
Liquidity ratio
—
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