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Shipping & Logistics Brings 185 Freight Trucks

Feb 18 , 2023

About 185 new heavy-duty freight trucks are added to the import-export corridor with more than 1.4 billion Br cost. The Ethiopian Shipping & Logistics Service Enterprise Executive Director, Roba Megersa, said the organisation has been working hard to speed up the foreign trade services. Currently, 572 heavy trucks are providing intensive cargo service in the company with 373 new ones put into operation. The State Minister for Transport & Logistics, Dege Boru, said the new trucks play a role in facilitating trade with the Dire Dewa dry port recently inaugurated. Four independently operating maritime transportation enterprises came together and formed the Ethiopian Shipping & Logistics Service Enterprise. They included the previous Ethiopian Shipping Lines Sh. Co., Ethiopian Maritime & Transit Service Enterprise, the former Comet Transport Sh. Co. and Dry Port Enterprise, in August 2016.

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Electricity Bills Get the VAT Jolt

The new Value Added Tax (VAT) has begun implementation on electricity consumption and various service fees affecting customers who use more than 200 kilowatt hours of electricity per month. Based on a directive from the Ministry of Finance, the tax will be applied to the excess amount of electricity consumption above 200 kilowatt hours. The Ethiopian Electric Utility (EEU) began implementing the VAT on bills starting from November though both prepaid and postpaid customers will have to pay V...

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Gadaa Bank Expands Reach, Faces Lending Constraints

Gadaa Bank closed its first full fiscal year of operations with a net profit of 90.2 million Br. The 18-month-old Bank held its annual general assembly at Millenium Hall on Africa Avenue last week where the board announced that during the year, the Bank opened 15 branches and now has 85 operational branches. “Due to recently enacted policy measures on credit by NBE and unmet resource mobilization during the fiscal year, the Bank was unable to make loan disbursements,” stated Wolde...

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Oromia Bank's Branch Expansion Weighs on Profits

Oromia Bank reported a 47pc decline in net profit to take in 840.9 million Br for the past fiscal year. Interest income grew by 21pc to reach 7.19 billion Br while personnel expense grew by 36pc to hit 3.16 billion Br. The opening of 72 new branches, bringing the total to 575, led to a four percent growth of deposits to 56.4 billion Br. The profits are “unsatisfactory against our ambitious moves,” said Assefa Seme (PhD), board chairperson. “The deviation is primarily attributed to our aggr...

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