Shoa Breaks Tie with Wheat Subsidy Scheme

Apr 20 , 2019


Shoa Bakery has terminated its agreement with the government to sell bread at prices set by the government. Shoa, which has 16 branches in Addis Abeba, had to abide by prices set by the government, because it was buying subsidised wheat from the government. Now that the company is buying wheat in the open market, it is free to set the price of its products. The price of 100 grams of bread at the Bakery has risen from 1.3 Br to 2.5 Br, a 92.3pc increase. The decision was made, because the wheat the government supplied is not adequate and deliveries are delayed, according to Grima Tadesse, production and technique administration officer at the Bakery. “A baking machine (oven) worth 40 million Br has been forced to sit idle because of problems in supply,” he added. The government respects the company’s decision, as Shoa has discovered that buying from the market is more profitable for its business, stated the Ministry of Trade and Industry Communications Director Wondimu Filate.


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