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

Fortune Logo


INDUSTRIAL DELIBERATION

(From right) Melaku Alebele and Teka G.Eyesus, minister and state minister at Trade & Industry, and Tefera Wendemagenehu, Industry & Investment Bureau head of the Amhara Regional State

INDUSTRIAL DELIBERATION

(From right) Melaku Alebele and Teka G.Eyesus, minister and state minister at Trade & Industry, and Tefera Wendemagenehu, Industry & Investment Bureau head of the Amhara Regional State, chat following a consultative meeting held at Hyatt Regency on August 7, 2020. Organised by the Federal Small & Medium Manufacturing Industries Development Steering Committee, the discussion centred on the development and collaborative challenges and opportunities of the manufacturing sector. It was held at a time when 330,000 jobs were lost due to COVID-19, according to the Jobs Creation Commission.

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 >>