Oil Company Expands Services through Outlets

Apr 29 , 2023


Drivers waiting in line to fill up their fuel tanks around the Bole area get to treat their sweet tooth as a gas retail outlet and ice cream shop partner to provide service. Sosida Gelateria & Bakery opened its sixth branch at one of the retail outlets of OLA Energy last week. According to the executives of OLA, the partnership is part of the company's mission to provide an all-in-one service place while customers make their way to one of its service outlets. The company plans to expand to non-fuel services partnering with car washes and repair services, financial technologies and fast food services. Formerly OiLibya Ethiopia Ltd, OLA Energy Ethiopia Ltd. rebranded last year and is on its way to integrating with retail outlets and channels that have been providing fuel, oil and lubricants through its 181 outlets.


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...


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...


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...