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Gemshu Secures 1.2b Br Road Project

Jun 8 , 2019

Ethiopian Roads Authority launched the construction of a road between Shukute to Chlute in West Shoa Zone of Oromia Regional State. The road will be constructed by Gemshu Beyene Construction Plc. The 63Km long road will consume over 1.2 billion Br and will connect three woredas - Jeldu, Abuna Ginde Beret and Ginde Beret, according to Habtamu Tegegn, director general of Ethiopian Roads Authority. The construction project is expected to take three years to complete, meanwhile, the Ginchie-Shukute road project is being built at a cost of 898 million Br and is making good progress. “The new asphalt road construction will stimulate the region’s economy by making it easy to transport agricultural products,” said Shimelis Abdissa, deputy president of the Oromia Regional State.

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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