- Amasses 1.4 bln Birr profit before tax
ADDIS ABABA- The Ethiopian Construction Works Corporation (ECWC) reported a revenue of 11.8 billion Birr for the fiscal year 2023/2024, exceeding its target and showcasing strong growth.
ECWC CEOYonas Ayalew (Eng.) presented the corporation’s annual performance report to stakeholders and staff yesterday, revealing that ECWC achieved over 11.84 billion Birr in revenue, surpassing the planned 11.78 billion Birr target. The corporation also recorded a profit of nearly 1.4 billion Birr before tax, marking a significant 81% increase in revenue and a doubling of profit compared to the previous year.
The CEO highlighted that revenue was generated from various sectors, including transport infrastructure, water infrastructure, building construction, and house development projects. ECWC is currently managing 85 construction projects worth 71 billion Birr across Ethiopia and in three branches in Djibouti.
Yonas also announced plans for further expansion, both domestically and internationally. ECWC aims to establish new branches in African countries such as Kenya, Rwanda, Somaliland, South Sudan, and South Africa to enhance brand visibility, attract a broader customer base, and increase foreign currency access.
Looking beyond Africa, the corporation has set its sights on markets in the Middle East, Europe, and China to forge international partnerships, tap into new customer bases, and adopt advanced technologies and best practices.
BY MISGANAW ASNAKE
The Ethiopian herald September 1/2024
