Overview
Ethiopian Railway Corporation is a state-owned enterprise that builds and operates Ethiopia's railway infrastructure and services, covering passenger and freight transport including the Addis Ababa–Djibouti standard-gauge line and the Addis Ababa Light Rail Transit. Its published consolidated accounts are dominated by long-term project debt and foreign-exchange losses on that debt, and it has reported a loss in every year disclosed. It joined the Ethiopian Investment Holdings portfolio in December 2024.
Operating revenue doubled to ETB 1.48B but total income fell 13% to ETB 1.58B as other income dropped, and the net loss widened to ETB 42.48B from ETB 34.88B on a foreign-exchange loss of ETB 32.40B. A capital increase of ETB 74.18B returned equity to a positive ETB 6.70B, against total liabilities of ETB 198.5B and total assets of ETB 205.2B.
SourceETB 1.58B
-ETB 42.48B
ETB 205.21B
SourceETB 44.06B
Performance
Income statement
| Fiscal year | 2011EC | 2012EC | 2013EC |
|---|---|---|---|
| Total Revenue | ETB 1.28B | ETB 1.81B | ETB 1.58B |
| Total Expenses | ETB 17.04B | ETB 36.69B | ETB 44.06B |
| Net Profit | -ETB 15.76B | -ETB 34.88B | -ETB 42.48B |
| Operating Revenue | ETB 1.21B | ETB 751.98M | ETB 1.48B |
| Other Income | ETB 71.04M | ETB 1.06B | ETB 106.99M |
| Operating Costs | ETB 3.81B | ETB 3.93B | ETB 5.06B |
| General Admin Expenses | ETB 316.34M | ETB 461.14M | ETB 443.66M |
| Management Contract Fee | ETB 1.63B | ETB 3.4B | ETB 2.14B |
| Borrowing Costs | ETB 6.05B | ETB 6.11B | ETB 4.01B |
| Loss On Foreign Exchange | ETB 5.24B | ETB 22.79B | ETB 32.4B |
Balance sheet
| Fiscal year | 2011EC | 2012EC | 2013EC |
|---|---|---|---|
| Total Assets | ETB 199.43B | ETB 199.16B | ETB 205.21B |
| Equity | ETB 2.46B | -ETB 24.53B | ETB 6.7B |
| Non Current Assets | ETB 180.88B | ETB 188.67B | ETB 193.76B |
| Current Assets | ETB 18.55B | ETB 10.49B | ETB 11.45B |
| Total Liabilities | ETB 196.97B | ETB 223.68B | ETB 198.51B |
Cash flow
| Fiscal year | 2012EC | 2013EC |
|---|---|---|
| Operating | ETB 4.49B | -ETB 788.93M |
| Investing | -ETB 3.68B | -ETB 1.72B |
| Financing | -ETB 1.18B | ETB 1.84B |
Financial health
Return on equity (ROE)
—
Return on assets (ROA)
-20.7%
Capital adequacy ratio (CAR)
—
Non-performing loans (NPL)
—
Cost-to-income
—
Liquidity ratio
—
Competitors
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