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Sur Secures 3.1b Br Worth of Projects

Jul 27 , 2019

The Ethiopian Roads Authority awarded a 3.1 billion Br contract to SUR Construction Plc to build two asphalt concrete roads in Tigray Regional State. The project is expected to be completed within three years. SUR is a grade-one contractor with over two decades of experience that was established with 108 million Br and has worked on 40 projects with the Authority. One of the roads is 72Km and extends from Korem to Sekota, while the other road is 76Km and runs between Agbe to Abergele. The agreement was signed early last week between Tadesse Yemane, general manager of Sur Construction and Habtamu Tegegn, director-general of the Ethiopian Roads Authority.

Radar

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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Radar

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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