Nile Insurance's Profits Tide High


Nile Insurance's Profits Tide High

Nile Insurance has registered another growth year, earning 329.7 million Br in gross profit as it marked its 29th general assembly last week. Board Chairman Mehari Alemayehu highlighted the Company's success amidst fierce competition while addressing shareholders at the Insurance's headquarters nearing completion on Egypt St. He revealed to shareholders that the year involved several unexpected twists, which the management has steered through successfully and announced plans to digitise its data processing capacities in the coming year. The Insurance Company has paid out around 379.2 million Br in gross claims, a 27.9pc increase in a year at which its administrative expenses rose by nearly the same percentage at 28.6pc to 207.3 million Br. Total assets have also increased significantly by 38.5pc, reaching 3.6 billion Br, a 29pc increment from last year, with its total liabilities also going through a marked increase of 41.1pc to 2.3 billion Br. The Company has increased the number of its branches, adding four locations across Addis Abeba during the year, reaching 62 in total. Its performance reflects the industry pattern, with general insurance accounting for the bulk of its earnings and double-digit growth in premiums.

[ssba-buttons]

Radar

Construction Sector Faces 'Serious Trouble,' Minister Warns

The construction industry in Ethiopia is in "serious trouble," said Chaltu Sani, Minister of Urban & Infrastructure Development, citing major challenges with finance, competitiveness and material costs. Speaking at the opening of the BIG 5 Construct Ethiopia expo and the inaugural East African Infrastructure & Water Expo at Millennium Hall last week, Chaltu stressed the need for concerted efforts from government, private sector, and international partners to support the 67 billion dol...


Radar

Wegagen Bank, Gift Real Estate Partner to Promote Diaspora Homeownership

Wegagen Bank S.C. and Gift Real Estate Plc. signed a Memorandum of Understanding (MoU) on June 23, to offer housing loans for homebuyers, with a special focus on the Ethiopian diaspora. The agreement enables eligible diaspora members to access loans covering up to 80pc of a home's value at reasonable interest rates. The bank's Deputy CEO Kidane Gebreselassie noted the deal will promote the real estate sector and expand homeownership options. Founder and CEO of Gift Real Estate, Gebreyesus Igata...


Radar

Jimma University Signs Sports Science Agreement to Strengthen National Programmes

Jimma University has signed a four-party Memorandum of Understanding (MoU) with the Ethiopian Academy of Sciences, Derartu Tulu Sports Training & Research Institute, and the Oromia Youth & Sport Bureau to advance Ethiopia's sports science and training capacity. Signed on June 26, the agreement includes joint research, shared facilities, and hosting of national and international competitions. It is expected to strengthen youth development, public health, and national pride through coor...