Private Company Launches 2b Factories

Oct 17 , 2022


A private company in the beverage industry opened plants on Addis Abeba's outskirts to process and bag snakes such as potato chips. ABBAHAWA Trading, bottler of One Water brand, has invested 2.3 billion Br to build two plants in Sebeta, Oromia Regional State. The plants are erected on 4.28 and three hectares of plots, respectively. The launching of the plants was held last week in Hyatt Regency, Africa Avenue. The company has imported machinery from the United States, with a capacity to produce one ton of snake chips an hour. Established in 2014, ABBAHAWA Trading exports coffee and supplies bottled water as well as plastic products. Two years ago, ABBHAWA launched a juice processing plant in Alemgena, 15km east of Addis Abeba, on 2,5 hectares of land with an investment cost of 644.5 million Br.


Radar

Customs Commission Sets Another Franco Valuta Deadline

The Ethiopian Customs Commission has given importers who used the franco valuta system up to December 26 to finalize the import of their goods. This pertains only to importers who purchased the merchandise and registered their import documents to the Commission before November 7. The Ministry of Finance had previously offered a two-week window for merchandise imports made through the scheme to finalise customs procedures. It is to be recalled that the government banned merchandise imports under...


Radar

National ID Strides Further to Mandatory Field

The National Bank of Ethiopia issued a notice to all banks mandating the use of the National ID for new bank account openings starting January 1, 2025, for branches in Addis Abeba while the same will apply for branches in major cities on July 1, 2025. All branches nationwide must comply starting January 1, 2026, while existing account holders are required to present their National ID by December 2026. The Central Bank stated its objectives for the move are to enhance the security of the financi...


Radar

Hibret Climbs Further Profit Heights

Hibret Bank posted a surge in net profits to reach 2.3 billion Br, traversing economic adversities. The Bank grew its revenues to 13.23 billion Br—an increase of 28.1pc from the previous year. Total assets were registered at 96.58 billion Br, exhibiting a 16pc increase, while total deposits rose by 15.6pc to reach 74.65 billion Br. With loans and advances sitting at 68.89 billion Br, Earnings Per Share (EPS) stood at 383 Br. The Bank opened 26 new branches during the year to reach a total o...


Back
WhatsApp
Telegram
Email