MetEC Incurs 1.7b Br Loss

Aug 24 , 2019


[ssba-buttons]

Metals & Engineering Corporation (MetEC) lost nearly 1.7 billion Br through outdated pre-paid orders. The Corporation planned to supply nine billion Birr worth of raw materials, aiming to get a profit of nearly 2.3 billion Br in the past fiscal year. Apart from the outdated orders, the reason for the loss is that not all of our industries became operational in time, according to Ahmed Hamza (B. Gen), director-general at the Corporation. “We’re working 24 hours [a day] to make the industries productive,” said Ahmed. “The Corporation plans to make a profit of half a billion Birr this year by restructuring the management and exporting products to the foreign market.”


Radar

Nib international Bank Faces Heavy Hit from Forex Revaluation, Pays 348 Million Br in Penalties

Nib International Bank S.C. (NIB) has reported a significant loss of 2.9 billion Br, primarily due to extraordinary foreign exchange revaluation losses, this past Saturday, during its annual shareholders meeting at the Millennium Hall on Africa avenue, Airport Road. The bank faced substantial penalties amounting to 348.4 million Br. These penalties included a 251 million Br fine for liquidity shortages and a 97.4 million Br charge for violations related to Real-Time Gross Settlement (RTGS) payme...


Radar

Railway Network Upgrade Positioned as Engine of Economic Transformation

The National Railway Business Summit took place at Skylight Hotel on October 21, 2025, signalling a historic step in modernising its railway network as a foundation for national development and regional connectivity. Government officials, industry leaders, investors, and experts from around the world convened to discuss infrastructure expansion, financing models, and technology adoption. Asma Redi, chief portfolio director at Ethiopian Investment Holdings, noted that the Ethiopian Railways Co...


Radar

Gold Prices Ease After Recent Surge

The price of gold, which surged sharply in recent weeks, has started to decline in the current selling market. Over the past 15 days, 21-carat gold has traded between 24,000 and 25,000 Br per gram for imported products and around 21,000 Br for local gold. Imported 18-carat gold sold for 21,000 Br, while local 18-carat pieces were priced at 19,000 Br. Traders note that the recent increase was twice as high as typical fluctuations, attributing the spike to export patterns from Arab countries. ...