BY HABTAMU ASHAGRIE
The state-owned logistics powerhouse, Ethiopian Shipping and Logistics (ESL) amassed ETB 8 billion in profits through its shipping, freight forwarding and dry-port services over the 2023/24 Ethiopian fiscal year.
The company also disclosed secured over ETB 57 billion in revenue over the stated period.
Briefing journalists, Berisso Amalo, the recently crowned CEO of the Shipping and Logistics company disclosed that international challenges such as shortage of containers, the tumbling of shipping tariffs, and national backlogs due to security issues in most parts of the country have impeded a more stellar performance.
At a briefing for journalists, Amalo said, "The Ethiopian Shipping and Logistics secured the stated amount of profit from various services." Beriso remarked.
The CEO indicated that delay in opening letters of credit has also held back the performance.
The Ethiopian Shipping & Logistics is a merger of four enterprises which were working independently in the sea transport sector. These were Ethiopian Shipping Lines Share Company, Ethiopian Maritime and Transit Service Enterprise, Dry Port Enterprise; and the former Comet Transport Share Company which was consolidated in to the new company, August, 2016.
The company plans to secure ETB9 billion in profits during the started fiscal year.