Ethiopia’s highest-grossing companies
Ethiopia’s economy has shown steady growth in recent years, largely driven by major sectors such as agriculture, manufacturing, telecommunications, and banking. Here are some of the highest-grossing companies contributing to Ethiopia’s economy:
1. Ethio Telecom
Ethio Telecom, a state-owned monopoly, is Ethiopia’s largest and most profitable company. With over 50 million subscribers, it’s one of Africa’s largest telecom companies by customer base. The Ethiopian government opened Ethio Telecom to private investment, selling a 40% stake to a consortium led by Safaricom, Vodafone, and Sumitomo. Ethio Telecom has been at the forefront of Ethiopia’s digital transformation, providing mobile and internet services across urban and rural areas, generating substantial revenue that contributes significantly to the national budget.
2. Commercial Bank of Ethiopia (CBE)
The Commercial Bank of Ethiopia, the largest bank in the country, has extensive reach with over 1,700 branches. CBE dominates the banking sector, holding a large share of Ethiopia’s deposit and loan portfolios. With annual profits often exceeding hundreds of millions of dollars, CBE has been pivotal in financing development projects in Ethiopia. As the main financier of large-scale public infrastructure projects, such as roads and railways, CBE remains central to Ethiopia’s economic development strategy.
3. Ethiopian Airlines
Ethiopian Airlines is Africa’s largest and most profitable airline. Known as Ethiopia’s “pride of the skies,” it plays a major role in connecting Africa to global markets, contributing not only as a revenue generator but also as an enabler of tourism and trade. The airline’s cargo division, Ethiopian Cargo, also contributes significantly, making it one of the top logistics companies in Africa. As a member of the Star Alliance and with a vast network covering over 120 destinations worldwide, Ethiopian Airlines is essential to Ethiopia’s international image and economic growth.
4. MetEC (Metals and Engineering Corporation)
Metals and Engineering Corporation, commonly known as MetEC, is a government-owned conglomerate specializing in manufacturing for sectors such as agriculture, construction, and energy. Despite controversies and management issues, MetEC remains one of Ethiopia’s high-revenue companies. Its projects have included producing agricultural machinery, manufacturing industrial tools, and supplying equipment for national development projects, which have positioned it as a key contributor to Ethiopia’s economic and industrial landscape.
5. MOENCO (Motor and Engineering Company of Ethiopia)
MOENCO is one of the leading players in Ethiopia’s automotive industry and has been the country’s primary distributor of Toyota vehicles for many years. MOENCO provides services ranging from vehicle sales to spare parts and maintenance, capturing a significant share of Ethiopia’s auto market. As Ethiopia continues to develop, MOENCO benefits from growing demand for transportation, both private and commercial, and its revenue has shown consistent growth due to its expansive services and reputation.
6. MIDROC (Mohammed International Development Research and Organization Companies)
Founded by Ethiopian-Saudi billionaire Sheikh Mohammed Hussein Al Amoudi, MIDROC Group includes a broad range of companies in sectors such as mining, real estate, and agriculture. The company’s gold mining operations at Lega Dembi contribute heavily to Ethiopia’s exports, making MIDROC one of the largest sources of foreign currency in the country. MIDROC also has investments in construction, manufacturing, and agriculture, making it an influential economic powerhouse.
7. Horizon Addis Tyre
As Ethiopia’s primary tire manufacturing company, Horizon Addis Tyre, a partnership between the Ethiopian government and foreign investors, has been a significant player in the industrial sector. Located in Addis Ababa, it supplies tires for the Ethiopian market and other East African countries. Horizon Addis Tyre benefits from growing demand as Ethiopia’s automotive industry expands, contributing to the domestic economy through employment and import substitution.
8. Dashen Brewery
Dashen Brewery is one of Ethiopia’s leading beverage manufacturers, known for its popular brands of beer. The company operates in Bahir Dar and also has distribution across Ethiopia, contributing significantly to Ethiopia’s agribusiness sector. With a large consumer base, Dashen Brewery generates substantial revenue and has expanded to meet the growing demand for locally-produced beverages.
9. Derba Cement
Derba Cement, part of the MIDROC Group, is a leading cement producer and a critical player in Ethiopia’s construction boom. Established by Sheikh Mohammed Al Amoudi, Derba Cement was designed to meet Ethiopia’s high demand for cement, resulting from infrastructure development and a growing real estate sector. The factory’s production capacity is among the highest in East Africa, and it has significantly reduced Ethiopia’s reliance on imported cement, making it essential for the construction industry.
10. Awash Bank
Awash Bank is Ethiopia’s first private bank, and it has grown to become one of the country’s most profitable financial institutions. With a network of over 600 branches and a strong focus on digital banking, Awash Bank has been a significant player in Ethiopia’s financial landscape. The bank serves a large customer base with various products, including savings accounts, loans, and investment services, contributing to Ethiopia’s financial sector’s growth.
Conclusion
These companies represent Ethiopia’s key sectors and are instrumental in driving economic growth, employment, and development. While Ethiopia’s economy is still in a developmental phase, these companies provide a foundation for future growth, with industries from telecommunications to aviation, banking, and manufacturing demonstrating the country’s potential as a rising African economy.
