Borkena
Toronto – MIDROC Ethiopia’s six months performance during this fiscal year is up by 71 percent compared to last year, the company disclosed this week.
The six month sale across companies under MIDROC is reported to be 66.99 billion birr – that amount of annual budget for Somali regional state which is said to have witnessed remarkable economic expansion and infrastructure development over the past five or six years.
MIDROC’s sale is much higher than what was planned.
The company evaluated its six months business performance in an event organized at Sheraton Addis luxury collection.
The profit plan is 176 percent successful which is up by 96 percent compared to last year, according to disclosure from the company.
In the same period, MIDROC has paid out about 18.4 billion birr to the government – apparently in taxes and other forms of obligations to the government. The Ethiopian government squeezes the business community to finance infrastructure projects. Recently, Ethiopian Citizens For Social Justice Party (EZEMA) accused the ruling party of imposing financial obligation to business and that it is using it to finance party activities.
The company said what it paid out to the government is up by 166 percent compared to the same time last year.
It also said that it has spent 4.5 billion birr to pay for salaries of its employees. Currently, the company employs well over 80,000 people in the country. MIDROC has 45 companies under its umbrella in six sectors including Agriculture, manufacturing, Real State, Mining, and Tourism, among others. It has also embarked on mega projects in different sectors. Sheik Mohammed Al Amoudi, Ethiopian born Saudi Billionaire, owns MIDROC.
In terms of earning, it reported $US 155 million in the past six months from its exports which it says is up by 53 percent compared to last year at the same time.
“Results achieved in all sectors are encouraging” Jemal Ahmed, CEO of MICROC said. But he emphasized the need to cut expenditure in marketing and other expenses.
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