FORTUNE+ VIDEO SPONSORED CONTENTS ADVERTORIALS FORTUNE AUDIO Fortune Careers New TRADE AFRICA New

Fortune Logo



Ghanaian Pharma Firm to Join Market

Mar 13 , 2021

Haltons Limited, a subsidiary of the Ghanian pharmaceutical firm mPharma, franchised with Belayab Pharmaceuticals Plc to make Ethiopia the eighth market in Sub-Saharan Africa where mPharma has a presence, including Kenya and Rwanda. Through the franchise, mPharma and Belayab Pharmaceuticals aim to open two pharmacies in Addis Abeba in 2021. Under the partnership, each pharmacy launched will offer Mutti, mPharma’s health membership programme, to patients. The programme will avail discounts and financing options for pharmaceutical products. Belayab Pharmaceuticals is part of the Belayab Group, which owns companies such as Belayab Foods, the official franchisee of Pizza Hut and Coldstone Creamery, Belayab Motors, Belayab Cable and Golden Tulip hotel.

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...

Read more >>

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...

Read more >>

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...

Read more >>