Ethiopian Shipping, Logistics Obtains Over 6 Bln Birr Profit in Concluded Fiscal Year

The Ethiopian Shipping and Logistics (ESL) has secured over 6 billion Birr profit in the concluded Ethiopian fiscal year and plans to raise it to 6.7 billion Birr this year.

Briefing journalists today, Ethiopian Shipping and Logistics CEO Beriso Amelo said that international and national challenges such as COVID-19, Russia-Ukraine crisis, and the conflict in the northern part of the country has influenced its performance.

The company has achieved over 100 percent of its plan of 5.4 billion Birr under various challenges due to unparalleled commitment and sense of ownership of its entire staff, he elaborated.

In terms of foreign currency earnings, the company has secured 480 million USD out of the planned 500 million USD achieving 87 percent of its plan, he added.

The Ethiopian Shipping and Logistics has transported 34 percent of the total 7.4 million tons of imported shipment, he stated, adding that ESL has bought 185 heavy duty trucks to improve its land transport services.

ESL is lagging behind in terms of digitization and automation of its services, the CEO pointed out, and emphasized that due attention will be put in place to fill the prevailing gap.

Remarkable concerted efforts have been made to transport fertilizer on time and it was fruitful, Beriso said, and added that preparations are well underway to deliver this year’s fertilizer needs on time.

According to the CEO, the Ethiopian Shipping and Logistics is increasing its reach out to global ports thereby boosting cross-trade.

Increasing its number of ships and searching additional ports in line to the needs of the country that will eventually contribute to the country’s overall development are among the focus areas of the 2016 fiscal year, Beriso indicated.

ESL has a multitude of vessels, heavy duty trucks, sea and dry port facilities, that enable it render efficient sea and land transport services as well as sea and dry port services.

Source: Ethiopian News Agency