Fortune News | Jan 05,2019
MIDROC Technology Group inaugurated the expansion of its building and construction materials store, which cost a total of 93.1 million Br.
Executives of the company and Mesenbet Shenkute, president of Addis Abeba Chamber of Commerce & Sectoral Association, cut the ribbon for the opening of the seventh branch of Addis Home Depot on September 5, 2019. The new branch is located in the Bisrate Gabriel Loli Building.
The store retails and wholesales the products of Modern Building Industry and Kombolcha Steel Products Industry, both members of MIDROC Technology Group. It also gets products from Wanza Furniture, Vision Aluminum, Blue Nile and Addago Trading.
Opening jobs for 18 employees, the new branch is expected to increase the annual sales of Addis Home Depot by 40 million Br to reach 150 million Br. The building of the store rests on 3,570Sqm.
Addis Home Depot resides in the building that is owned by Huda Real Estate, which constructed the nine-storey building for 82.1 million Br. Guba Lafto Consulting Architects & Engineers, another affiliate of MIDROC Technology, designed the building and supervised the construction of the building.
Addis Home Depot, which rents the building from Huda, uses the first three floors for the store and the remaining for office purposes. It has three basements, two shops and a parking lot, which can accommodate 43 vehicles.
The company equipped the store with merchandise and accessories for 11 million Br. In addition to construction materials, the store provides hand tools and hardware, kitchen appliances, home and office furniture, electronics items, gardening equipment, safety and cleaning materials and stationery materials.
Established in 2003 with a paid-up capital of five million Birr and 15 employees, Addis Home Depot commenced operation in February 2006. Currently, its capital has increased to 78 million Br, while the number of employees has increased to 167. Its annual sales have also grown to 317 million Br from its initial year of 6.2 million Br.
The other six branches of the store are located at Gurd Shola, Legehar, Lideta, Mekanissa, Hawassa and Adama.
The store is one of the standard shopping centres for getting construction equipment in one place, according to Abebe Dinku (Prof), professor of civil engineering and chair of Construction Materials & Management at Addis Abeba University.
"It will benefit construction equipment and furniture suppliers to get all the merchandise in one centre," Abebe said.
Ethiopia’s membership in the African Continental Free Trade Agreement would benefit the company, according to Mesnebet speaking to the opening ceremony.
Two months ago the parliament unanimously voted for the implementation of the African Continental Free Trade Agreement, which will gradually remove all quotas and tariffs for Ethiopians trading with member states of the free trade area.
"It will encourage local companies to produce quality products," Mesenbet said.
During the inauguration, Arega Yirdaw (PhD), CEO of MIDROC Technology Group expressed his frustration with the government officials, especially the city's, stating that they failed to show up during the inauguration ceremonies of MIDROC, which was founded by the Ethio-Saudi business tycoon Mohammed Hussein Ali AL-Amoudi (Sheik).
"We'll invite no one from government offices anymore," said Arega, "they don't respect the private sector."
PUBLISHED ON Sep 08,2019 [ VOL 20 , NO 1011]
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