Overview
Ethiopian Toll Roads Enterprise (ETRE) is a state-owned enterprise accountable to Ethiopian Investment Holdings that operates and maintains Ethiopia's federal toll roads 24/7. It was established by Council of Ministers Regulation No. 310/2006 E.C. to provide toll road services, operate and maintain toll roads, and run service stations within toll road boundaries. It began with the 78 km Addis Ababa-Adama expressway, added the 90 km Mojo-Batu first phase of the Mojo-Hawasa expressway in September 2014 and the 223 km Dire Dawa-Dewele toll road in June 2019, for 391 km in total, all managed through a single toll road operations and maintenance business unit. It reports under IFRS with a financial year ending 30 Sene, and its statements are audited by the Audit Service Corporation.
Total income nearly doubled to ETB 2.01bn, with toll fees of ETB 1.37bn and other income of ETB 517.67M, and profit after tax rose 140% to ETB 982.35M after income tax of ETB 350.52M. Total assets reached ETB 2.72bn, of which ETB 2.20bn was current assets, while total liabilities rose to ETB 1.22bn and equity to ETB 1.50bn. Operating activities generated ETB 546.37M of cash.
SourceETB 2.01B
ETB 982.35M
ETB 2.72B
SourceETB 1.03B
Performance
Income statement
| Fiscal year | 2014EC | 2015EC | 2016EC | 2017EC |
|---|---|---|---|---|
| Total Revenue | ETB 536.88M | ETB 774.92M | ETB 1.02B | ETB 2.01B |
| Interest Income | ETB 43.99M | ETB 66.89M | ETB 84.38M | ETB 125.73M |
| Total Expenses | ETB 305.06M | ETB 466.88M | ETB 613.07M | ETB 1.03B |
| Net Profit | ETB 231.82M | ETB 308.04M | ETB 408.4M | ETB 982.35M |
| Toll Fee Revenue | ETB 478.38M | ETB 693.74M | ETB 909.24M | ETB 1.37B |
| Other Income | ETB 14.52M | ETB 14.29M | ETB 27.85M | ETB 517.67M |
| Personnel Expense | ETB 113.58M | ETB 169.95M | ETB 211.21M | ETB 353.76M |
| Other Operating Expenses | ETB 109.31M | ETB 193.72M | ETB 256M | ETB 325.76M |
| Operating Profit | ETB 269.96M | ETB 344.35M | ETB 469.87M | ETB 1.21B |
| Profit Before Tax | ETB 313.94M | ETB 411.24M | ETB 554.26M | ETB 1.33B |
| Income Tax Expense | ETB 82.12M | ETB 103.2M | ETB 145.85M | ETB 350.52M |
| Provision For Doubtful Accounts | ETB 47.51K | — | — | — |
Balance sheet
| Fiscal year | 2014EC | 2015EC | 2016EC | 2017EC |
|---|---|---|---|---|
| Total Assets | ETB 1.1B | ETB 1.34B | ETB 1.65B | ETB 2.72B |
| Equity | ETB 936.81M | ETB 1.11B | ETB 1.11B | ETB 1.5B |
| Non Current Assets | ETB 148.27M | ETB 218.35M | ETB 282.28M | ETB 514.34M |
| Current Assets | ETB 954.85M | ETB 1.12B | ETB 1.37B | ETB 2.2B |
| Total Liabilities | ETB 166.31M | ETB 224.49M | ETB 533.62M | ETB 1.22B |
Cash flow
| Fiscal year | 2014EC | 2015EC | 2016EC | 2017EC |
|---|---|---|---|---|
| Operating | ETB 299.57M | ETB 206.05M | -ETB 128.8M | ETB 546.37M |
| Investing | -ETB 83.3M | -ETB 114.99M | ETB 329.36M | ETB 184.9M |
| Financing | ETB 0 | ETB 0 | -ETB 23.1M | -ETB 24.62M |
Financial health
Return on equity (ROE)
65.5%
Return on assets (ROA)
36.2%
Capital adequacy ratio (CAR)
—
Non-performing loans (NPL)
—
Cost-to-income
—
Liquidity ratio
—
Competitors
Peer institutions in the same sector, latest fiscal year.
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