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Ethiopian Starts Feeding 400 People

Apr 25 , 2020

Ethiopian Airlines has launched a 15-day lunch feeding programme for 400 residents in Bole District who are living on the street. The lunch feeding programme was launched on Saturday, April 25, 2020, by Tewolde Gebremariam, CEO of Ethiopian Airlines Group and Tilahun Fekadu, CEO of Bole District. The support from the airline includes providing the beneficiaries with sanitary materials. "The airline will keep on fulfilling its social responsibility despite going through difficult times," said Tewolde. Ethiopian Airlines is one of the industries that has been hit hard by the global outbreak of Novel Coronavirus (COVID-19). The airline has cancelled most of its international flights due to lockdowns and slow business.

Radar

Electricity Bills Get the VAT Jolt

The new Value Added Tax (VAT) has begun implementation on electricity consumption and various service fees affecting customers who use more than 200 kilowatt hours of electricity per month. Based on a directive from the Ministry of Finance, the tax will be applied to the excess amount of electricity consumption above 200 kilowatt hours. The Ethiopian Electric Utility (EEU) began implementing the VAT on bills starting from November though both prepaid and postpaid customers will have to pay V...

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Radar

Gadaa Bank Expands Reach, Faces Lending Constraints

Gadaa Bank closed its first full fiscal year of operations with a net profit of 90.2 million Br. The 18-month-old Bank held its annual general assembly at Millenium Hall on Africa Avenue last week where the board announced that during the year, the Bank opened 15 branches and now has 85 operational branches. “Due to recently enacted policy measures on credit by NBE and unmet resource mobilization during the fiscal year, the Bank was unable to make loan disbursements,” stated Wolde...

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Radar

Oromia Bank's Branch Expansion Weighs on Profits

Oromia Bank reported a 47pc decline in net profit to take in 840.9 million Br for the past fiscal year. Interest income grew by 21pc to reach 7.19 billion Br while personnel expense grew by 36pc to hit 3.16 billion Br. The opening of 72 new branches, bringing the total to 575, led to a four percent growth of deposits to 56.4 billion Br. The profits are “unsatisfactory against our ambitious moves,” said Assefa Seme (PhD), board chairperson. “The deviation is primarily attributed to our aggr...

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