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.



Street vendors around the Shola area take a rest in the shades of the capital's newly planted trees. Upon reporting on its 10-month performance before parliament, the Agricultural Minister indicated that up to 43pc of the arable land in the country has been rendered acidic. This requires large amounts of limestone to be imported from abroad; the tight forex crunch has not allowed the Finance Ministry to fund the endeavour easily. Following the rallying call of the PM a staggering 6 billion seedl...



Residents of communal houses around the Weji area hang their clothes on the fences outside. Textile manufacturing accounts for 87pc of Ethiopia's products from industrial parks. Expulsion from the African Growth and Opportunity Act (AGOA) due to the war in the North resulted in Ethiopia being expelled from the preferential trade act. Most companies choosing to rent sheds within the industrial parks do so out of a desire to access the duty-free privileges provided for African countries. Ethiopia...



Vendors put traditional beauty products from the Somali regional state for sale around Mexico. In November of last year, the Ministry of Finance banned imported goods under 38 categories, including cosmetics, packed foods, and furniture, from accessing letters of credit. The move resulted in the tripling of costs for cosmetic items like lipstick and nail polish. As Ethiopia ran a 14 billion dollar merchandise trade deficit last year due to import bills hiking by 26pc , a tight clampdown on forei...