One of the Largest Edible Oil Plants Goes Operational

Feb 6 , 2021


PhiBela Industrial Complex, a subsidiary of Belayneh Kinde Business Group, has inaugurated an edible oil refinery with a capacity to produce 1.5 million litres of edible oil a day. The factory, which rests on a 30ha lot, was built in Bure city, an area located in West Gojjam, Amhara Regional State, more than 400Km away from Addis Abeba. Built at a cost of 4.5 billion Br, the industrial complex incorporates a sesame oilseed processing plant, a detergent manufacturing factory, and a vegetable butter, margarine and plastic container factory. The sesame oilseed plant has the capacity of producing 200tn of sesame oil a day, while the detergent factory produces 96tn  of detergent a day. The complex is expected to employ 3,000 people. Belayneh Kinde Business Group was established in the 1990s and engages in import and export, transport, construction, hotels, transit and agriculture.


Radar

New Unit to Oversee City Tax Audits

The Addis Abeba City Administration Revenues Bureau has launched a new work unit to ensure the quality of tax audit decisions through a re[1]auditing procedure. According to Adane Sule, the head of the bureau's office, the new audit quality assurance unit will seek to address gaps and malpractices that previously existed due to the absence of a similar body to verify tax audit decisions. He asserts that the unit's main goal is to re-audit decisions, verify their quality and relevance, and correc...


Radar

Shipping Behemoth Beats Profit Target Despite Cargo Dip

Ethiopian Shipping & Logistics (ESL) announced its six-month performance report for the fiscal year, revealing a mixed outcome. While it achieved 95pc of its operational service target, handling 2,880,187tn of cargo, this represents a slight decrease compared to the same period in the previous fiscal year. The ESL attributed this dip primarily to global difficulties, notably Red Sea shipping disruptions. Despite these hurdles, the company reported exceeding its profit targets. Projecting...


Radar

Customs Hits Revenue Target, Cracks Down on Smuggling

The Ethiopian Customs Commission announced that it has exceeded its revenue collection target for the first six months of the fiscal year. The Commission collected 203.75 billion Br, surpassing the planned 190.9 billion birr by 106.73pc, representing a 106.7 billion Br increase compared to the same period in the previous fiscal year. Commissioner Debele Kabeta noted that coordinated efforts with other institutions to prevent contraband contributed to the successful outcome, resulting in the seiz...