Enterprise Generates 1.2b Br Gross Profit

Feb 1 , 2020


[ssba-buttons]

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

Ethiopia, IFAD Sign 69.2m Dollar Deal to Promote Lowland Resilience

The Ethiopian Government and the International Fund for Agricultural Development (IFAD) have signed a 69.2 million dollar grant agreement to implement Phase II of the Lowland Livelihoods Resilience Project (LLRP II). The grant agreement was signed by Finance Minister Ahmed Shide and IFAD President Alvaro Lario. The project targets climate resilience and improved livelihoods for three million people in pastoral and agro-pastoral communities. Co-financed by the World Bank, LLRP II covers eight reg...


Radar

NBE Expands Diaspora Warning Over Unlicensed Remittance Firms

The National Bank of Ethiopia (NBE) has issued an expanded public warning targeting unlicensed remittance operators abroad, flagging four U.S.-based companies it says are undermining Ethiopia's financial regulations. The warning includes newly disclosed findings and specific cases that underscore growing concerns about illicit cross-border financial activity. Remittance flows remain a vital lifeline for Ethiopia's economy, supporting households and supplying critical foreign currency. But as...


Radar

Stricter Standards Unveiled for Public Auditors, Accounting Firms

The Accounting & Auditing Board of Ethiopia (AABE) has issued a new directive aimed at strengthening oversight and professional standards in the accounting and auditing sector. Grounded in the Financial Reporting Proclamation, the directive addresses long-standing regulatory gaps while preparing the sector for the country's emerging capital market. Key provisions introduce stricter licensing standards for public auditors, professionals permitted to audit public interest entities. Applican...