Over the first three quarters of the fiscal year, Ethiopian Investment Holdings recorded sales of 1.5 trillion birr, representing an 86 percent rise over the same time the previous year.
With 40 state-owned companies under its supervision, including behemoths like Ethiopian Airlines, Ethiopian Telecom, the Commercial Bank of Ethiopia, and Ethiopian Shipping and Logistics, EIH essentially controls a sizable amount of the country’s wealth.
Ethio Post, Ethio Engineering Group, Ethiopian Railway Corporation, Ethiopian Industrial Inputs Development Enterprise, Industrial Parks Development Corporation, Development Bank of Ethiopia, and Ethiopian Electric Power Corporation were among the numerous SOEs it added to its portfolio in December.
Over the reporting year, EIH reported foreign currency earnings of 9.3 billion, an increase of 10.5 percent over the previous year. Its entire tax payment was 98 billion birr.
With assets of around USD 45 billion, Ethiopian Investment Holdings is the 34th largest sovereign wealth fund globally.
EIH has surpassed the Libyan Investment Authority to become the largest sovereign wealth fund in Africa, according to the most recent ranking by the Sovereign Wealth Fund Institute (SWFI).
With more than 1.7 trillion dollars in assets, the Norway Government Pension Fund Global is by far the largest sovereign wealth fund globally.
Source: The Reporter
