Overview
The National Veterinary Institute is a government-owned enterprise established in 1964 and re-established as a public enterprise in 1999 under Council of Ministers Regulations No. 52/1999. It manufactures and distributes veterinary vaccines, veterinary drugs, biologicals and diagnostic reagents for Ethiopian livestock, and exports part of its output. It joined Ethiopian Investment Holdings' portfolio in the December 2024 expansion as part of the Ethio Pharma group. It reports under IFRS with a 7 July year end, and its auditors have issued qualified opinions in each year held here over revenue recognition on advances collected and over inventory costing.
Total income grew 32% to ETB 382.36M and net profit 34% to ETB 109.91M, a net margin of 29%, as vaccine and drug revenue rose to ETB 364.47M against cost of sales of ETB 127.20M. Operating cash flow returned to a positive ETB 42.17M and total assets reached ETB 1.26bn.
SourceETB 382.36M
ETB 109.91M
ETB 1.26B
SourceETB 272.45M
Performance
Income statement
| Fiscal year | 2012EC | 2013EC | 2014EC | 2015EC | 2016EC |
|---|---|---|---|---|---|
| Total Revenue | ETB 186.16M | ETB 184.76M | ETB 226.12M | ETB 289.74M | ETB 382.36M |
| Total Expenses | ETB 146.11M | ETB 131.05M | ETB 165.47M | ETB 208.02M | ETB 272.45M |
| Net Profit | ETB 40.05M | ETB 53.71M | ETB 60.65M | ETB 81.72M | ETB 109.91M |
| Revenue | ETB 177.37M | ETB 172.45M | ETB 214.06M | ETB 273.32M | ETB 364.47M |
| Other Operating Income | ETB 6.24M | ETB 6.88M | ETB 8.37M | ETB 15.6M | ETB 17.85M |
| Gain On Currency Fluctuation | ETB 2.55M | ETB 5.43M | ETB 3.69M | ETB 823.25K | ETB 27.37K |
| Cost Of Sales | ETB 93.33M | ETB 65.71M | ETB 90M | ETB 102.96M | ETB 127.2M |
| Gross Profit | ETB 84.04M | ETB 106.74M | ETB 124.06M | ETB 170.36M | ETB 237.27M |
| General Admin Expenses | ETB 33.03M | ETB 42.37M | ETB 49.11M | ETB 70.68M | ETB 97.04M |
| Allowance For Doubtful Debts | ETB 2.49M | — | ETB 91.6K | — | — |
| Audit Fee | ETB 130.82K | ETB 39.5K | ETB 47.75K | ETB 54.39K | ETB 64.52K |
| Board Fee | ETB 198.5K | ETB 290K | ETB 410K | ETB 394.5K | ETB 356.3K |
| Operating Profit | ETB 56.98M | ETB 76.35M | ETB 86.46M | ETB 115.15M | ETB 157.69M |
| Profit Before Tax | ETB 56.98M | ETB 76.35M | ETB 86.46M | ETB 115.15M | ETB 157.69M |
| Income Tax Expense | ETB 14.16M | ETB 19.18M | ETB 19.68M | ETB 26.99M | ETB 41.98M |
| Profit After Tax | ETB 42.83M | ETB 57.17M | ETB 66.78M | ETB 88.17M | ETB 115.72M |
| Deferred Tax Charge | ETB 2.78M | ETB 3.45M | ETB 6.13M | ETB 6.45M | ETB 5.81M |
| Allowance For Stock Loss And Doubtful Debts | — | — | — | ETB 494.06K | — |
Balance sheet
| Fiscal year | 2012EC | 2013EC | 2014EC | 2015EC | 2016EC |
|---|---|---|---|---|---|
| Total Assets | ETB 633.04M | ETB 751.57M | ETB 1.12B | ETB 1.17B | ETB 1.26B |
| Equity | ETB 545.1M | ETB 654.83M | ETB 998.88M | ETB 944.14M | ETB 1.01B |
| Non Current Assets | ETB 284.35M | ETB 409.08M | ETB 686.25M | ETB 701.26M | ETB 726.79M |
| Current Assets | ETB 348.7M | ETB 342.49M | ETB 431.41M | ETB 468.7M | ETB 529.3M |
| Total Liabilities | ETB 87.94M | ETB 96.74M | ETB 118.77M | ETB 225.81M | ETB 246.95M |
Cash flow
| Fiscal year | 2012EC | 2013EC | 2014EC | 2015EC | 2016EC |
|---|---|---|---|---|---|
| Operating | ETB 42.33M | ETB 107.42M | ETB 82.85M | -ETB 4.81M | ETB 42.17M |
| Investing | -ETB 56.86M | -ETB 141.16M | -ETB 15.01M | -ETB 38.17M | -ETB 50.18M |
| Financing | ETB 1.8M | ETB 56.01M | ETB 954.46K | ETB 394.18K | ETB 291.51K |
Financial health
Return on equity (ROE)
10.9%
Return on assets (ROA)
8.8%
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
Federal Housing Corporation
state-owned-enterprise
Net profit · 2017EC
ETB 1.66B
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
Spa Service Enterprise
state-owned-enterprise
Net profit · 2016EC
ETB 43.31M