Overview
Federal Housing Corporation is the state corporation that administers and develops federal government rental housing stock in Ethiopia, and is held by Ethiopian Investment Holdings. It began as a government agency managing government-owned houses under Proclamation No. 47/1975 and was reestablished as a public enterprise by Council of Ministers Regulation No. 398/2017. It reports under IFRS with a 7 July year end and runs three business lines: housing administration, housing development, and construction input supply. Investment property dominates its balance sheet, and its recent results have been shaped by the demolition and exchange of properties under Addis Ababa City Administration corridor and redevelopment programs.
Revenue rose from ETB 2.94bn to ETB 10.94bn while operating expenses rose to ETB 5.32bn, lifting gross profit to ETB 5.62bn. A loss on disposal of ETB 1.81bn from properties demolished or exchanged under Addis Ababa corridor and redevelopment programs held profit after tax to ETB 1.66bn, 23% above the prior year. Total assets reached ETB 71.35bn as current assets grew to ETB 9.23bn.
SourceETB 11.36B
ETB 1.66B
ETB 71.35B
SourceETB 9.7B
Performance
Income statement
| Fiscal year | 2014EC | 2015EC | 2016EC | 2017EC |
|---|---|---|---|---|
| Total Revenue | ETB 2.64B | ETB 2.55B | ETB 3.48B | ETB 11.36B |
| Total Expenses | ETB 1.81B | ETB 1.84B | ETB 2.13B | ETB 9.7B |
| Net Profit | ETB 831.97M | ETB 706.81M | ETB 1.35B | ETB 1.66B |
| Operating Revenue | ETB 2.26B | ETB 2.21B | ETB 2.94B | ETB 10.94B |
| Other Income | ETB 381.76M | ETB 341.49M | ETB 535.38M | ETB 422.1M |
| Operating Expenses | ETB 934.97M | ETB 797.65M | ETB 1.23B | ETB 5.32B |
| Gross Profit | ETB 1.33B | ETB 1.41B | ETB 1.71B | ETB 5.62B |
| General Admin Expenses | ETB 465.5M | ETB 519.76M | ETB 993.1M | ETB 1.07B |
| Loss On Disposal | ETB 62.65M | ETB 85.22M | — | ETB 1.81B |
| Expected Credit Loss | ETB 38.91M | ETB 93.65M | ETB 29.2M | ETB 100.19M |
| Profit Before Tax | ETB 1.14B | ETB 1.05B | ETB 1.7B | ETB 3.06B |
| Income Tax Expense | ETB 309.54M | ETB 344.3M | ETB 341.75M | ETB 1.4B |
| Gain On Disposal | — | — | ETB 472.16M | — |
Balance sheet
| Fiscal year | 2014EC | 2015EC | 2016EC | 2017EC |
|---|---|---|---|---|
| Total Assets | ETB 63.7B | ETB 64.9B | ETB 67.04B | ETB 71.35B |
| Equity | ETB 57.42B | ETB 58.13B | ETB 57.61B | ETB 58.2B |
| Non Current Assets | ETB 60.59B | ETB 62.07B | ETB 63.99B | ETB 62.13B |
| Current Assets | ETB 3.11B | ETB 2.83B | ETB 3.05B | ETB 9.23B |
| Total Liabilities | ETB 6.28B | ETB 6.77B | ETB 9.42B | ETB 13.16B |
Cash flow
| Fiscal year | 2016EC | 2017EC |
|---|---|---|
| Operating | ETB 1.69B | ETB 218.06M |
| Investing | -ETB 1.91B | -ETB 436.22M |
| Financing | ETB 28.82M | ETB 861.86M |
Financial health
Return on equity (ROE)
2.9%
Return on assets (ROA)
2.3%
Capital adequacy ratio (CAR)
—
Non-performing loans (NPL)
—
Cost-to-income
—
Liquidity ratio
—
Competitors
Peer institutions in the same sector, latest fiscal year.
Berhanena Selam Printing Enterprise
state-owned-enterprise
Net profit · 2017EC
ETB 422.01M
Chemical Industry Corporation
state-owned-enterprise
Net profit · 2017EC
ETB 738.37M
Development and Hotel Company S.C.
state-owned-share-company
Net profit · 2017EC
ETB 308.69M
Educational Materials Production and Distribution Enterprise
state-owned-enterprise
Net profit · 2017EC
ETB 52.08M
Ethio Post
state-owned-enterprise
Net profit · 2017EC
ETB 71.69M
Ethiopian Agricultural Business Corporation
state-owned-enterprise
Net profit · 2016EC
ETB 1.23B
Ethiopian Airlines
state-owned-enterprise
Net profit · 2017EC
ETB 139.64B
Ethiopian Construction Works Corporation
state-owned-enterprise
Net profit · 2016EC
ETB 773.71M
Ethiopian Electric Power
state-owned-enterprise
Net profit · 2016EC
-ETB 10.15B
Ethiopian Electric Utility
state-owned-enterprise
Net profit · 2017EC
ETB 4.05B
Ethiopian Engineering Corporation
state-owned-enterprise
Net profit · 2016EC
ETB 598.63M
Ethiopian Industrial Inputs Development Enterprise
state-owned-enterprise
Net profit · 2017EC
ETB 614.3M
Ethiopian Investment Holdings
state-owned-enterprise
Net profit · 2015EC
ETB 91.17B
Ethiopian Lottery Service
state-owned-enterprise
Net profit · 2015EC
ETB 564.15M
Ethiopian Minerals Corporation
state-owned-enterprise
Net profit · 2016EC
-ETB 51.5M
Ethiopian Petroleum Supply Enterprise
state-owned-enterprise
Net profit · 2015EC
ETB 236.79M
Ethiopian Pulp and Paper S.C.
state-owned-enterprise
Net profit · 2017EC
ETB 6.69M
Ethiopian Railway Corporation
state-owned-enterprise
Net profit · 2013EC
-ETB 42.48B
Ethiopian Shipping and Logistics
state-owned-enterprise
Net profit · 2017EC
ETB 36.22B
Ethiopian Sugar Industry Group
state-owned-enterprise
Net profit · 2016EC
-ETB 5.3B
Ethiopian Toll Roads Enterprise
state-owned-enterprise
Net profit · 2017EC
ETB 982.35M
Ethiopian Tourist Trading Enterprise
state-owned-enterprise
Net profit · 2017EC
ETB 294.73M
Ethiopian Trading and Business Corporation
state-owned-enterprise
Net profit · 2016EC
ETB 525.3M
Genet Hotel
state-owned-enterprise
Net profit · 2017EC
ETB 12.81M
Ghion Hotels Enterprise
state-owned-enterprise
Net profit · 2017EC
ETB 47.62M
Industrial Parks Development Corporation
state-owned-enterprise
Net profit · 2017EC
ETB 646.67M
National Alcohol and Liquor Factory
state-owned-enterprise
Net profit · 2017EC
ETB 307.5M
National Veterinary Institute
state-owned-enterprise
Net profit · 2016EC
ETB 109.91M
Spa Service Enterprise
state-owned-enterprise
Net profit · 2016EC
ETB 43.31M