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

Fortune Logo



Ministry Collects 279b Br in Revenue

Jul 24 , 2021

[ssba-buttons]

The Ministry of Revenues collected 279 billion Br in revenues over the just-ended fiscal year. The figure represents 96 pc of its target, and a 19.6pc increase from last year. More than half of the revenues came from domestic taxes while over 103 billion Br was collected from customs fees and tariffs. The sale of lottery tickets also generated around a quarter of a billion Birr while an additional 3.6 billion Br was collected in the form of confiscated contraband goods. The Ministry plans to collect 334 billion Br this year.

Radar

State-Owned Enterprises Deliver, But Fund Seeks More from Underperformers

Ethiopian Investment Holdings (EIH), the country's sovereign wealth fund, closed its annual performance review with a mix of strong gains and lingering concerns across its portfolio of state-owned enterprises. Ethiopian Shipping & Logistics led the year with 4.5 million tons of cargo, driving revenues up 90pc and doubling pre-tax profit. Sugar production from Wonji Shoa, Metehara, and Fincha climbed 34.8pc to 163,290 tons, nearly doubling revenues to 15.6 billion Br, though EIH flagged ch...

Read more >>

Radar

MIDROC Cocoa Drive, Local Production Focus on Value Addition

MIDROC Investment Group is placing a bold wager on cocoa in the lowlands of Sheka. Building on extensive trials at the Bebeka Coffee State Farm, the company has introduced globally prized Forastero, Trinitario, and Criollo varieties alongside coffee. "The results are astonishing," said General Manager Beshada Worku, pointing to international prices that range from 8,200 to 14,000 dollars a ton. The project's first phase covers 50 hectares, with 44,000 seedlings already planted. Expansion to ...

Read more >>

Radar

Bureau Maps Out 1,700 Land Rights in a Month

The Rights Registration & Holding Service Directorate under the Bureau of Land Development & Administration prepared over 1,700 landholding certification maps in a single month. The update came during the bureau's July performance review, which measured progress against the upcoming fiscal year's targets. Director Tesfamichael Endale said efforts are being scaled up to give farmers secure land rights and quicker certification. Deputy Head WendwossenBanjaw added that the priority ahead...

Read more >>