Overview
Ethiopian Shipping and Logistics (formerly Ethiopian Shipping and Logistics Services Enterprise) is a state-owned public enterprise established in November 2011 under Public Enterprises Proclamation No. 25/1992 by merging Ethiopian Shipping Lines, Ethiopian Maritime and Transit Service Enterprise, the Dry Port Enterprise and Comet Transport. Its audited statements describe its principal activities as coastal and international marine and inland transport, freight forwarding, multimodal transport, shipping and air agency services, and stevedoring, shore-handling, dry port and warehousing services for import and export cargo. It reports to Ethiopian Investment Holdings and its financial statements are audited by Audit Service Corporation under the Office of the Federal Auditor General.
Revenue from contracts with customers more than doubled to ETB 122.99bn in the year ended 30 June 2025 and a foreign currency exchange gain of ETB 24.71bn lifted total income to ETB 148.80bn, so profit after tax rose to ETB 36.22bn from ETB 6.51bn after income tax of ETB 14.30bn. Total assets reached ETB 116.44bn and equity ETB 44.45bn, with retained earnings of ETB 17.76bn. Operating activities used ETB 1.18bn of cash after income tax payments of ETB 8.68bn, and dividends of ETB 11.21bn were paid, but exchange rate movements added ETB 21.25bn so cash ended the year at ETB 45.08bn.
SourceETB 148.8B
ETB 36.22B
ETB 116.44B
SourceETB 112.59B
Performance
Income statement
| Fiscal year | 2014EC | 2015EC | 2016EC | 2017EC |
|---|---|---|---|---|
| Total Revenue | ETB 53.64B | ETB 45.09B | ETB 57.35B | ETB 148.8B |
| Total Expenses | ETB 43.62B | ETB 38.13B | ETB 50.84B | ETB 112.59B |
| Net Profit | ETB 10.02B | ETB 6.96B | ETB 6.51B | ETB 36.22B |
| Operating Revenue | ETB 51.13B | ETB 43.31B | ETB 55.91B | ETB 122.99B |
| Other Income | ETB 93.08M | ETB 1.16B | ETB 306.8M | ETB 1.11B |
| Foreign Exchange Gain | ETB 2.42B | ETB 301.82M | ETB 1.14B | ETB 24.71B |
| Direct Costs | ETB 37.59B | ETB 32.53B | ETB 43.32B | ETB 90.58B |
| Gross Profit | ETB 13.54B | ETB 10.78B | ETB 12.59B | ETB 32.4B |
| Administrative Expenses | ETB 2.2B | ETB 1.71B | ETB 2.43B | ETB 4.75B |
| Net Impairment Losses | ETB 935.74M | ETB 938.68M | ETB 1.83B | ETB 2.1B |
| Operating Profit | ETB 12.92B | ETB 9.91B | ETB 9.77B | ETB 51.37B |
| Finance Costs | ETB 78.35M | ETB 813.86M | ETB 27.63M | ETB 856.9M |
| Profit Before Tax | ETB 12.84B | ETB 9.1B | ETB 9.74B | ETB 50.51B |
| Income Tax Expense | ETB 2.82B | ETB 2.14B | ETB 3.23B | ETB 14.3B |
| Grant Received | — | ETB 318.6M | — | — |
Balance sheet
| Fiscal year | 2014EC | 2015EC | 2016EC | 2017EC |
|---|---|---|---|---|
| Total Assets | ETB 54.35B | ETB 64.31B | ETB 81.63B | ETB 116.44B |
| Equity | ETB 23.59B | ETB 24.11B | ETB 24.12B | ETB 44.45B |
| Non Current Assets | ETB 13.64B | ETB 18.24B | ETB 18.44B | ETB 19.85B |
| Current Assets | ETB 40.71B | ETB 46.07B | ETB 63.18B | ETB 96.59B |
| Cash And Cash Equivalents | ETB 23.66B | ETB 29.51B | ETB 38.01B | ETB 45.08B |
| Total Liabilities | ETB 30.76B | ETB 40.19B | ETB 57.51B | ETB 71.99B |
| Non Current Liabilities | ETB 890.32M | ETB 1.1B | ETB 1.24B | ETB 1.96B |
| Current Liabilities | ETB 29.87B | ETB 39.09B | ETB 56.27B | ETB 70.04B |
Cash flow
| Fiscal year | 2014EC | 2015EC | 2016EC | 2017EC |
|---|---|---|---|---|
| Operating | ETB 10.8B | ETB 10.84B | ETB 10.86B | -ETB 1.18B |
| Investing | -ETB 3.32B | -ETB 4.04B | -ETB 986.95M | -ETB 1.78B |
| Financing | -ETB 647.23M | -ETB 1.92B | -ETB 1.7B | -ETB 11.22B |
Financial health
Return on equity (ROE)
81.5%
Return on assets (ROA)
31.1%
Capital adequacy ratio (CAR)
—
Non-performing loans (NPL)
—
Cost-to-income
—
Liquidity ratio
—
Competitors
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