Logistics Giant Posts 8.9b Br Profit Amidst Global Turmoil

Jul 28 , 2024


In the face of conflicts and global uncertainties, the state-owned logistics giant Ethiopian Shipping & Logistics has ended the year with 8.89 billion Br gross profit. It has garnered 57 billion Br in revenues, although high expenses of 48 billion Br weighed down the performance. CEO Beriso Amalo (PhD), outlined the Red Sea crisis, and the Russia-Ukrain conflict as global challenges while security concerns, especially in Amhara Regional State, were a setback, with 630 trucks unable to leave the region. Although high expenses of 48 billion Br weighed down the performance, ESL managed to generate over 420 million dollars in foreign currency. Beriso said transportation of fertiliser without demurrage charges, and reducing truck maintenance time using local spare parts contributed to an overall positive performance in the year.


Radar

Standing Committee First Visit to Private Foreign Firm Garners New Era

Safaricom Ethiopia stated that it has become the first private foreign company to host a visit by a standing committee from the House of People's Representatives, with the Democracy Affairs Standing Committee touring the company's operations last week. Wim Vanhelleputte, CEO, presented the company's half-year results, showcasing growth in mobile and M-PESA services. Notable achievements include expanding 4G coverage to 46pc of the population, acquiring over 6.1 million active subscribers, and se...


Radar

Goh Mortgage Bank Registers 12-fold Gross Profit Increase

Goh Mortgage Bank reported gross profits of 83.4 million Br, a twelve-fold increase from last year's 6.4 million Br. At its general assembly last week, the bank announced total deposits of 1.02 billion birr, a 12pc increase from 30,530 deposit accounts, which grew by almost 40pc. Outstanding loans reached 1.55 billion Br, with 60pc directed to the construction sector and 19pc towards export-import activities. The bank mobilized 2.3 million dollars in foreign exchange during the year. Girum Ts...


Radar

Garment Maker Invests 200 million Br in Worker Welfare

Shints ETP Garment PLC, a South Korean enterprise operating inside Bole Lemi Industrial Park, inaugurated a 200 million Br recreational facility and daycare center. This state-of-the-art facility includes a tennis court, basketball court, soccer field, gym, and daycare center, with hopes of enhancing employee satisfaction and productivity. The company currently provides dormitory services for 5,500 workers and primary education for their families and plans to expand its dormitory capacity to 11...


Back
WhatsApp
Telegram
Email