Ethiopia’s Shipping Industry Shows Buoyant Growth

(3 Minutes Read)

Despite a primary focus on feeder services for Ethiopian cargo stored at regional ports, ESL generated USD 271 million in foreign currency earnings from its cross-trade operations—16% above its target of USD 234 million. 

Ethiopian Shipping and Logistics (ESL), the state-owned logistics powerhouse, has reported strong financial and operational achievements for the first half of the 2024-25 fiscal year, surpassing its revenue targets and reinforcing its critical role in Ethiopia’s trade sector.

Despite a primary focus on feeder services for Ethiopian cargo stored at regional ports, ESL generated USD 271 million in foreign currency earnings from its cross-trade operations—16% above its target of USD 234 million.

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Financially, ESL recorded a total income of Birr 46.8 billion, exceeding its Birr 44 billion target by 106%. Its gross profit for the period outperformed expectations by 50%, while pre-tax profit reached Birr 9.3 billion—far surpassing the projected Birr 6.2 billion. Expenses for the period stood at Birr 37.5 billion, aligning with forecasts. In a further show of financial strength, ESL transferred a Birr 3 billion dividend to its parent entity, Ethiopian Investment Holdings (EIH).