Overview
National Alcohol and Liquor Factory is a wholly government-owned enterprise held by Ethiopian Investment Holdings, established in 1985 E.C. under Council of Ministers Regulation No. 74/1992 and registered in Nifas Silk-Lafto Sub-city, Addis Ababa. It produces pure alcohol, denatured alcohol and a range of liquor products across its branch factories. Its financial statements are prepared under IFRS; in the year ended 30 June 2025 gross sales reached ETB 2.71 billion, of which ETB 1.36 billion was paid over as excise and VAT duties, leaving net sales of ETB 1.35 billion.
Gross sales of ETB 2.71B carried ETB 1.03B of excise duty and ETB 330.5M of VAT, leaving net sales of ETB 1.35B, up 12%. Profit after tax rose 15% to ETB 307.5M, a net margin of 22%, helped by a lower income tax charge of ETB 35.8M. Total assets fell to ETB 1.61B as the ETB 331.2M dividend receivable was settled.
SourceETB 1.37B
ETB 307.5M
ETB 1.61B
SourceETB 1.07B
Performance
Income statement
| Fiscal year | 2013EC | 2014EC | 2015EC | 2016EC | 2017EC |
|---|---|---|---|---|---|
| Total Revenue | ETB 784.92M | ETB 925.25M | ETB 1.12B | ETB 1.23B | ETB 1.37B |
| Total Expenses | ETB 617.04M | ETB 713.61M | ETB 1.02B | ETB 966.05M | ETB 1.07B |
| Net Profit | ETB 167.88M | ETB 211.63M | ETB 94.85M | ETB 268.03M | ETB 307.5M |
| Operating Revenue | ETB 771.52M | ETB 905.64M | ETB 1.1B | ETB 1.21B | ETB 1.35B |
| Other Income | ETB 13.39M | ETB 19.6M | ETB 11.66M | ETB 23.82M | ETB 23.83M |
| Cost Of Sales | ETB 296.25M | ETB 382.66M | ETB 623.95M | ETB 580.62M | ETB 690.24M |
| Gross Profit | ETB 475.27M | ETB 522.98M | ETB 479.66M | ETB 629.64M | ETB 659.63M |
| General Admin Expenses | ETB 232.18M | ETB 125.42M | ETB 175.6M | ETB 194.8M | ETB 201.13M |
| Employee Termination Benefit | ETB 794.13K | — | ETB 925.61K | ETB 932.18K | ETB 1.03M |
| Operating Profit | ETB 255.69M | ETB 313.76M | ETB 178.53M | ETB 327.98M | ETB 361.57M |
| Finance Costs | ETB 7.21M | ETB 8.36M | ETB 12.85M | ETB 12.39M | ETB 18.24M |
| Profit Before Tax | ETB 248.48M | ETB 305.4M | ETB 165.68M | ETB 315.59M | ETB 343.33M |
| Income Tax Expense | ETB 80.6M | ETB 93.76M | ETB 70.83M | ETB 47.56M | ETB 35.83M |
| Selling Distribution Expenses | — | ETB 103.41M | ETB 136.26M | ETB 129.75M | ETB 119.73M |
| Gross Sales | — | — | — | ETB 2.51B | ETB 2.71B |
| Excise Duties | — | — | — | ETB 968.2M | ETB 1.03B |
| Vat Duties | — | — | — | ETB 326.77M | ETB 330.48M |
Balance sheet
| Fiscal year | 2013EC | 2014EC | 2015EC | 2016EC | 2017EC |
|---|---|---|---|---|---|
| Total Assets | ETB 1.18B | ETB 1.22B | ETB 1.21B | ETB 1.78B | ETB 1.61B |
| Equity | ETB 340.09M | ETB 336.46M | ETB 742.89M | ETB 786.6M | ETB 803.36M |
| Non Current Assets | ETB 763.81M | ETB 766.28M | ETB 773.06M | ETB 725.75M | ETB 796.91M |
| Current Assets | ETB 409.97M | ETB 449.51M | ETB 439.97M | ETB 1.05B | ETB 808.34M |
| Assets Held For Sale | ETB 2.06M | ETB 235.31K | ETB 235.31K | — | — |
| Total Liabilities | ETB 835.75M | ETB 879.57M | ETB 470.38M | ETB 991.4M | ETB 801.9M |
Cash flow
| Fiscal year | 2013EC | 2014EC | 2015EC | 2016EC | 2017EC |
|---|---|---|---|---|---|
| Operating | ETB 99.94M | ETB 158.5M | -ETB 396.93M | ETB 55.09M | ETB 54.26M |
| Investing | -ETB 147.8M | -ETB 53.76M | -ETB 60.99M | -ETB 17.46M | -ETB 69.84M |
| Financing | -ETB 39.79M | -ETB 50.82M | ETB 369.03M | -ETB 25.02M | -ETB 28.35M |
Financial health
Return on equity (ROE)
38.3%
Return on assets (ROA)
19.2%
Capital adequacy ratio (CAR)
—
Non-performing loans (NPL)
—
Cost-to-income
—
Liquidity ratio
—
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