Agricultural Corporation Avoids Anticipated Loss

Dec 12 , 2020

The Ethiopian Agricultural Business Corporation has managed to surpass its initial earnings target by 125pc. The firm brought in 724.8 million Br in revenues in the first quarter of this fiscal year. The Corporation expected to incur a 27-million-Br quarterly loss but instead earned 24 million Br, according to a recent assessment of its first quarter evaluation reports. The Corporation had a productive quarter due to increased agricultural production growth. It saw profits from a surplus of soil fertiliser and chemicals sales and an unprecedented boost from improved seeds and forest product sales. In contrast, the Ethiopian Sugar Corporation showed a 69pc success rate, earning 300 million Br less than the planned 2.5 billion Br. The earnings came from sugar, ethanol and molasses sales. Reform activities, above-average cultivation of cane plantations, and nearly complete maintenance of field equipment during the rainy season were also reported. Both corporations are under the supervision of the Public Enterprises Holding & Administration Agency.


Geda Special Economic Zone Receives Prospective Tenants

East African Holding and Ethio-Chicken have been shortlisted to invest in the Geda Special Economic Zone(GSEZ), located in the tri-state area shared by Mojo, Adama, and Shashemene cities within the Oromia Regional State. The two companies were selected from 120 investors who showed interest in acquiring space in one of the largest SEZs in Africa. Close to 404hct of land has already been developed in the expansive economic zone, out of a potential 24,000 hectares, with lease prices set between...


Standard Institute Revamps Fees, Board Restructuring

The Ethiopian Standards Institute (ESI) is set to introduce fees for standards sticker, establish a new governing board, and address collaboration with other regulatory bodies. The Institute plans to strengthen its financial standing by charging fees for standards and product certification services to support its operations and annual budget. A key change involves replacing the current Council of Standards with an 11-member Board of Directors. The Minister of Trade & Regional Integration...


Safaricom Ethiopia Rolls Out its Network to Tigray

With 125 self-built towers, Safaricom Ethiopia has launched its operations in the Tigray Regional State. Executives disclosed plans to invest in an additional 166 towers and expand their reach to the remaining towns. "This is the most exciting milestone in Tigray since the return of social services," said Getachew Reda, president of the Interim Regional State Administration. In July 2021, the consortium-backed telecom giant entered Ethiopia's market, historically dominated by state-owned E...