The Board of Directors of Commercial Nominees(CN) has reviewed the Company’s performance for the 2018 Ethiopian Fiscal Year (EFY) and approved its yearly plan for the 2019 EFY.
During the 2018 EFY, CN generated more than ETB 6.4 billion in revenue from its outsourcing and other service businesses, recording ETB 805 million in gross profit.
Compared with the 2017 EFY, the Company’s 2018 performance registered a 14.34% increase in revenue and a 15.4% increase in gross profit.
Against the targets set for the 2018 fiscal year, Commercial Nominees achieved 94.8% of its revenue target and 80.4% of its gross profit target.
The Board of Directors noted that the Company’s overall performance was encouraging. It further emphasized the need to achieve stronger results by diversifying revenue streams, reducing operational costs, improving the quality of existing services, strengthening customer-focused service delivery, and expanding the customer base.
The Board also reviewed the Company’s business plan for the 2019 EFY. Under the plan, Commercial Nominees aims to generate more than ETB 9.9 billion in revenue and over ETB 1.2 billion in profit before tax during the fiscal year.
Compared with the 2018 plan, the new targets represent a 53.4% increase in revenue and a 56% increase in gross profit. During the planning review, it was emphasized that achieving these ambitious goals will require the collective commitment and coordinated efforts of the Company’s leadership and employees.
The Company also stated that, in the 2019 fiscal year, priority will be given to enhancing customer satisfaction through high-quality service delivery, expanding the customer base, increasing revenue, and implementing new services and additional income-generating initiatives.
Finally, the Board of Directors directed management to prioritize the effective implementation of plans that support the achievement of the Company’s key strategic objectives for the 2019 fiscal year.