Overview
Ethiopian Sugar Industry Group (ESIG) is the state-owned sugar producer held by Ethiopian Investment Holdings. It was established under Council of Ministers Regulation No. 590/2022, which restructured and replaced the former Ethiopian Sugar Corporation, and it produces sugar and sugar by-products across a portfolio of factories and development projects including Metehara, Wonji Shewa, Finchaa, Kessem, Arjo Dedessa, Tendaho, Tana Beles, Omo Kuraz and Welkayit. Its consolidated statements are audited by Audit Services Corporation under the Office of the Federal Auditor General and have carried a qualified opinion in every year published; the group has reported a loss after tax in each of the last five fiscal years, driven by foreign exchange losses and finance costs on the sugar development programme's debt.
Total income rose 13% to ETB 8.67bn while cost of sales fell to ETB 4.47bn, halving the loss after tax to ETB 5.30bn. The foreign currency exchange loss eased to ETB 3.10bn and finance costs to ETB 4.29bn, but operating activities still absorbed ETB 6.51bn of cash. Total assets stood at ETB 179.26bn against liabilities of ETB 87.81bn, with equity of ETB 91.45bn after the year's loss.
SourceETB 8.67B
-ETB 5.3B
ETB 179.26B
SourceETB 13.97B
Performance
Income statement
| Fiscal year | 2012EC | 2013EC | 2014EC | 2015EC | 2016EC |
|---|---|---|---|---|---|
| Total Revenue | ETB 10.08B | ETB 10.05B | ETB 8.88B | ETB 7.7B | ETB 8.67B |
| Total Expenses | ETB 21.07B | ETB 27.5B | ETB 30.96B | ETB 17.95B | ETB 13.97B |
| Net Profit | -ETB 10.98B | -ETB 17.45B | -ETB 22.08B | -ETB 10.25B | -ETB 5.3B |
| Operating Revenue | ETB 9.93B | ETB 9.82B | ETB 8.8B | ETB 7.42B | ETB 8.21B |
| Other Operating Income | ETB 155.27M | ETB 232.44M | ETB 73.38M | ETB 279.35M | ETB 457.24M |
| Cost Of Sales | ETB 8.57B | ETB 8.19B | ETB 6.69B | ETB 4.73B | ETB 4.47B |
| General Admin Expenses | ETB 2B | ETB 3.1B | ETB 2.16B | ETB 2.28B | ETB 2.51B |
| Foreign Exchange Loss | ETB 5.31B | ETB 9.85B | ETB 15.49B | ETB 3.69B | ETB 3.1B |
| Finance Costs | ETB 4.55B | ETB 3.9B | ETB 5.97B | ETB 5.4B | ETB 4.29B |
| Income Tax Expense | -ETB 121.89M | ETB 197.91M | ETB 394.98M | ETB 475.82M | ETB 696.68M |
Balance sheet
| Fiscal year | 2012EC | 2013EC | 2014EC | 2015EC | 2016EC |
|---|---|---|---|---|---|
| Total Assets | ETB 168.64B | ETB 197.48B | ETB 180.8B | ETB 178.25B | ETB 179.26B |
| Equity | -ETB 28.77B | -ETB 45.44B | ETB 24.08B | ETB 98.51B | ETB 91.45B |
| Non Current Assets | ETB 144.11B | ETB 164.21B | ETB 153.25B | ETB 152.09B | ETB 150.55B |
| Current Assets | ETB 24.53B | ETB 33.26B | ETB 27.55B | ETB 26.16B | ETB 28.71B |
| Total Liabilities | ETB 197.42B | ETB 242.92B | ETB 156.72B | ETB 79.74B | ETB 87.81B |
Cash flow
| Fiscal year | 2012EC | 2013EC | 2014EC | 2015EC | 2016EC |
|---|---|---|---|---|---|
| Operating | -ETB 8.93B | -ETB 10.29B | -ETB 36.43B | -ETB 9.36B | -ETB 6.51B |
| Investing | -ETB 21.8B | -ETB 22.7B | ETB 8.4B | -ETB 2.84B | ETB 778.57M |
| Financing | ETB 29.07B | ETB 42.86B | ETB 20.42B | ETB 9.84B | ETB 5.95B |
Financial health
Return on equity (ROE)
-5.8%
Return on assets (ROA)
-3.0%
Capital adequacy ratio (CAR)
—
Non-performing loans (NPL)
—
Cost-to-income
—
Liquidity ratio
—
Competitors
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