Enterprise Generates 1.2b Br Gross Profit

Feb 1 , 2020


The Ethiopian Shipping & Logistics Service Enterprise (ESLSE) grossed more than 1.2 billion Br in profit in the past six months of the current fiscal year. The profit represents 104pc of the Enterprise’s target. The target set by the company for the period was 1.2 billion Br before tax. Comparing the result with the same period in last fiscal year, the profit before tax rose by 46.5pc or 389.6 million Br. In the past six months, we have managed to gain inputs that enhance the performance of our operational work, according to Wondimu Denbu, deputy CEO of the Enterprise for corporate service. The Enterprise secured an additional 10 million Br from selling machinery, heavy vehicles, fragments of metals and other properties from the dry port seized by the government through a tender process.


Radar

Parliament Nods for Cabinet Appointments

Federal legislators have approved five cabinet-level positions last week with a member of Parliament (MP) voted against and two abstentions were counted. Gedion Timotheos (PhD) leads the charge as the new minister of Foreign Affairs, filling in Taye Asqeselassie's shoes, where he stayed briefly before becoming the country's president. With law degrees from Addis Abeba and Central European universities, Gedion was previously Attorney General and Minister of Justice. Joining him in the redev...


Radar

Abyssinia Group Eyes Expansion with IFC Funding

Abyssinia Group of Industries (AGI), a leading East African steel producer, is poised for significant expansion owing to a proposed investment from the International Finance Corporation (IFC) which is considering a financing package of up to 50 million dollars, including parallel loans in local currency. Headquartered in Kenya, AGI operates two steel plants in Ethiopia, six in Kenya, and has mining activities in Uganda. AGI currently produces 660,000 metric tons of steel annually and employs...


Radar

Fitch Acknowledges Easing Financial Pressures, Enhanced Macroeconomic Stability

Fitch Ratings has upgraded Ethiopia's Long-Term Local-Currency Issuer Default Rating (LTLC IDR) to 'CCC+' from 'CCC-', citing easing financing pressures, improved macroeconomic stability, and increased confidence that local-currency obligations will not be part of the ongoing debt restructuring. This positive development comes as the government implements key reforms and secures renewed concessional external financing. The ratings agency has taken note of the introduction of a market-based ex...


Back
WhatsApp
Telegram
Email