Sheger Bread Resumes Operation, Prices Jump

Mar 12 , 2022


Following more than two months of dormancy, the Sheger Bread & Flour Factory has resumed production at its plant in the Akaki-Qality District. However, prices for its subsidised product have jumped by more than 70pc compared to earlier this year. A loaf of bread now goes for 2.10 Br after the Addis Abeba City Administration subsidises 1.14 Br. The administration was forced to avail 812 million Br for the procurement of inputs and maintenance works to restart production at the factory. It had stopped operation two months ago due to a major shortage of its major input, wheat. A joint undertaking between the administration and MIDROC Investment Group, the factory was hailed for its planned production of two million loaves a day when it was inaugurated nearly two years ago. MIDROC reported losses of 140 million Br last year from factory operations.


Radar

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 ma...


Radar

$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...


Radar

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. The company's network and services reached a population coverage of 46pc, growing from 30pc in the previous year. This expansion was supported by the addition of over 1,000 network sites, bringing the total to more than 3,000 across the country. Safaricom Ethiopia saw a surge in its customer base,...


Back
WhatsApp
Telegram
Email