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Nov 24 , 2024

Abay Bank's Paid-up Capital Surges, Battles Liquidity Hurdles

The third-generation Abay Bank has solidified its position with marked growth in paid-up capital of 6.01 billon Br, showing a 27pc surge from the previous year. It registered revenues of 8.4 billion Br, marking a 19pc increase while its assets soared by 21pc to reach 66.4 billion Br. However, the ba...

Nov 24 , 2024

Standing Committee First Visit to Private Foreign Firm Garners New Era

Safaricom Ethiopia stated that it has become the first private foreign company to host a visit by a standing committee from the House of People's Representatives, with the Democracy Affairs Standing Committee touring the company's operations last week. Wim Vanhelleputte, CEO, presented the company's half-year results, showcasing growth in mobile and M-PESA services. Notable achievements include expanding 4G coverage to 46pc of the population, acquiring over 6.1 million active subscribers, and seeing a surge in data usage to an average of 6.6 GB per user. Ewinetu Alene, committee chairman, emph...


Nov 24 , 2024

Goh Mortgage Bank Registers 12-fold Gross Profit Increase

Goh Mortgage Bank reported gross profits of 83.4 million Br, a twelve-fold increase from last year's 6.4 million Br. At its general assembly last week, the bank announced total deposits of 1.02 billion birr, a 12pc increase from 30,530 deposit accounts, which grew by almost 40pc. Outstanding loans reached 1.55 billion Br, with 60pc directed to the construction sector and 19pc towards export-import activities. The bank mobilized 2.3 million dollars in foreign exchange during the year. Girum Tsehay, president, emphasized a future focus on resource mobilization by enhancing the customer experi...


Nov 24 , 2024

Garment Maker Invests 200 million Br in Worker Welfare

Shints ETP Garment PLC, a South Korean enterprise operating inside Bole Lemi Industrial Park, inaugurated a 200 million Br recreational facility and daycare center. This state-of-the-art facility includes a tennis court, basketball court, soccer field, gym, and daycare center, with hopes of enhancing employee satisfaction and productivity. The company currently provides dormitory services for 5,500 workers and primary education for their families and plans to expand its dormitory capacity to 11,000 workers and introduce secondary education next year. Shints plans to expand its manufacturing...

Nov 24 , 2024

Ethio Life's Gross Profit Soars 71pc, Eyes Billion Birr Premium Target

Ethio Life and General Insurance held its annual meeting at the Inter Luxury Hotel last week with gross written premiums growing by 70pc to reach 212.1 million Br. The majority of its premium income came from group health plans, accounting for 73pc. The company also experienced a rise in net claims which rose by 117pc to 149 million Br. The company declared a dividend of 7.6 million Br. Hailu Alemu, board chairperson, pointed to the automation of core insurance operations as the company's key achievements. With a market share of 2.6pc, Ethio Life plans to exceed one billion Birr in premium...

Nov 24 , 2024

Awash Weathers Inflation, Rakes in 8.7b Br

On its 29th annual general assembly, the 947-branch Awash Bank posted 8.7 billion Br in net profits. Held at Skylight Hotel, the Bank's board of directors announced significant financial growth over the past year with deposits surging 24pc to 232.4 billion Br. With non-performing loans below the regulator's 5pc requirement, sitting at 1.25pc, credit rose to 183.5 billion Br, up from 161.9 billion Br, with 24pc allocated to domestic trade and services, followed by exports at 16.6pc and building and construction at 16.4pc. As the first private bank to surpass the one billion dollar mark in fo...


Nov 16 , 2024

Abyssinia Bank Strategic Moves Pay Off, Driving Profit Growth

The Bank of Abyssinia (BoA) enjoyed another profitable year, amassing 4.23 billion Br net profits, an increase of 10.5pc from last year. The Bank announced total assets of 222.3 billion Br, surging by 17.3pc. Total deposits mobilised through the year climbed by 33.97 billion Br to 192.51 billion Br, while loans and advances reached 167.7 billion Br. However, the bank exhibited a nominal decline in its foreign currency earnings totalling 424 million dollars. Earnings per share also showed a marked decline of six percent to 33pc during the year. Bekalu Zeleke, CEO, revealed the Bank's resi...

Nov 16 , 2024

$100m Project Mulls Public Transportation Make-Over

A 100-million-dollar project aims to manufacture over 5,000 diesel-powered and electric public transport vehicles for the capital. The proposed project was launched hoping to replace the ageing vehicles and improve safety, efficiency and quality across the city's urban transport system. Last week saw an MoU inked between executives of Multiverse Enterprise Plc and Addis Abeba Minibus Associations and was held at Vamdas Entertainment near Megenagna. The agreement includes plans to replace 15,000 minibuses with electric and fuel-powered vehicles within the next five years. According to executive...


Radar

Nov 16 , 2024

Safaricom Soars with 6.1 million Customers

Safaricom Ethiopia reported significant commercial growth in the first six months of the 2025 fiscal year (April to September 2024), with notable increases in both mobile (GSM) and M-PESA services. Th...

Nov 16 , 2024

New Solar Power Plant Lights up in Somali Region

Ethiopian Electric Utility inaugurated a solar power plant in the town of Beqolmayo, Somali Regional State. The plant can generate 2.5 MW of electricity, enough to power 43,542 residents. The project...

Nov 16 , 2024

Customs Revises EV Import Tariffs

The Ethiopian Customs Commission (ECC) has implemented revised import taxes to bolster domestic businesses and decrease reliance on imported products. Imported electric vehicles (EVs) now face higher...

Nov 16 , 2024

EthSwitch Registers High Profits, Battles the Tax Disputes

The national switch operator has reported 1.06 billion Br in gross profit, a growth of 97pc from last year with earnings per share climbing to 73.7pc. Executives of EthSwitch, an industry-wide payment...

Nov 9 , 2024

Parliament Nods Loan Agreement with South Sudan

In a parliamentary session last week, MPs approved a 738-million-dollar loan agreement with South Sudan. The federal body ratified the proposed bill which looks to establish road infrastructure linkin...

Nov 9 , 2024

AfCFTA Strides, National Implementations Fall Behind

The 15th Council of Ministers Meeting of the African Continental Free Trade Area (AfCFTA) convened in Addis Abeba last week, bringing together stakeholders to discuss boosting trade integration and su...

Nov 9 , 2024

MOENCO Moves to Control BYD Ethiopia Presence

MOENCO, a subsidiary of Inchcape Plc, has partnered with BYD to become the official distributor of the latter's electric and hybrid vehicles in Ethiopia. This is Inchcape's third partnership with BYD...

Nov 9 , 2024

Textile and Leather Fashion Convene at ASFW

The 10th annual Africa Sourcing and Fashion Week (ASFW) opened its doors last week at the Skylight Hotel on Africa Avenue, bringing together textile, fashion, and leather industries from across the co...

Nov 9 , 2024

Tulu Kapi Gold Project Opens Investment to Ethiopian Nationals

KEFI Gold and Copper PLC, a UK-listed exploration and development company, announced it has secured 470 million dollars of the 500 million dollars required to finance its Tulu Kapi Gold Project, appro...

Nov 3 , 2024

Parliament Nods for Cabinet Appointments

Federal legislators have approved five cabinet-level positions last week with a member of Parliament (MP) voted against and two abstentions were counted. Gedion Timotheos (PhD) leads the charge as...

Abyssinia Group Eyes Expansion with IFC Funding

Abyssinia Group of Industries (AGI), a leading East African steel producer, is poised for significant expansion owing to a proposed investment from the International Finance Corporation (IFC) which is...

Nov 3 , 2024

Fitch Acknowledges Easing Financial Pressures, Enhanced Macroeconomic Stability

Fitch Ratings has upgraded Ethiopia's Long-Term Local-Currency Issuer Default Rating (LTLC IDR) to 'CCC+' from 'CCC-', citing easing financing pressures, improved macroeconomic stability, and increase...

Nov 3 , 2024

Housing Corp Invests in Local Manufacturing to Combat Construction Costs

Federal Housing Corporation (FHC) has launched a one billion Birr construction materials manufacturing factory on a four-hectare plot in the capital. The Corporation teamed up with Addis Abeba Univ...

Nov 3 , 2024

AliExpress Brings Online Shopping Experience Offline

AliExpress has launched its first showroom in Addis Abeba through a partnership with a company active in BPO, warehousing, logistics, farming, and manufacturing. The partnership with Echelon Group too...

Oct 27 , 2024

Historic Africa Hall's $57 million Renovation Eyes Tourists

The iconic Africa Hall, where the leaders of 32 African nations gathered in 1963 to establish the Organization of African Unity (OAU), the precursor to today's African Union (AU) was inaugurated after...

Oct 27 , 2024

Investment Holdings Backs Electric Mobility with Battery Swap Stations

Ethiopian Investment Holdings has made its second joint venture with an electric mobility startup company to avail 100 battery swap stations in Addis Abeba within a year and expand to 300 stations ove...


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