Public Enterprises Bag 29.6b Br Gross Profit

Jun 1 , 2019

The Public Enterprises Holding & Administration Agency reported that 22 public enterprises grossed 29.6 billion Br in profit during the first three quarters of the current fiscal year. Ethio telecom has produced the highest share at 62pc, followed by the Commercial Bank of Ethiopia at 34pc. Ethiopian Shipping & Logistics Services Enterprise accounted for four percent. In addistion seven enterprises  generated 58 million dollars in revenue, fulfilling 73pc of their plan, according to Wondafrash Assefa, communication director at the Agency. Ethiopian Development Bank; the Ethiopian Mineral, Petroleum & Biofuel Corporation; the Ethiopian Pulp & Papers S.C; the Ethiopian Metals & Engineering Corporation; Ethiopian Trading Businesses Corporation; and Shebele Transport S.C suffered losses within the reporting period.


ZamZam Bank Joins Commodity Exchange Payment System

The pioneering full-fledged interest-free commercial bank, ZamZam Bank, has become the 24th financial institution to join the Ethiopian Commodity Exchange's (ECX) payment system. CEO of the Exchange Wendemagegnehu Negera signed the deal with the President of the Bank Melika Bedri last week. According to the CEO, joining the platform which has around 11,000 accounts registered and has transacted over 386 billion Br so far, will allow a reliable mechanism whereby traders can be certain that pay...


AfDB, ADF to Chart Transformation Path at Diamond Jubilee

The African Development Bank (AfDB) and the African Development Fund (ADF) are gearing up for a major joint meeting in Nairobi, Kenya, expected to draw around 4,000 participants. The event, taking place at the Kenyatta International Conference Centre in late May, will focus on "Africa's Transformation," a theme reflecting the continent's ongoing pursuit of economic and social development. "Despite progress over the years, Africa's transformation remains incomplete," said Vincent O. Nmehielle...


Big Art Sale Returns to Addis

The annual Big Art Sale returns to Addis Abeba this weekend. Over 100 artists are expected to showcase their original works and prints at the Hilton Addis. What's Out Addis in partnership with the Hilton Hotel is behind the event that showcases the works of over 100 artists. Big Art Sale has been around for the past 18 years showcasing paints and prints. According to organisers, it offers a chance to meet the artists and enjoy a variety of art forms with a dedicated Kids' Corner and food and...