Logistics Giant Posts 8.9b Br Profit Amidst Global Turmoil

Jul 28 , 2024


[ssba-buttons]

In the face of conflicts and global uncertainties, the state-owned logistics giant Ethiopian Shipping & Logistics has ended the year with 8.89 billion Br gross profit. It has garnered 57 billion Br in revenues, although high expenses of 48 billion Br weighed down the performance. CEO Beriso Amalo (PhD), outlined the Red Sea crisis, and the Russia-Ukrain conflict as global challenges while security concerns, especially in Amhara Regional State, were a setback, with 630 trucks unable to leave the region. Although high expenses of 48 billion Br weighed down the performance, ESL managed to generate over 420 million dollars in foreign currency. Beriso said transportation of fertiliser without demurrage charges, and reducing truck maintenance time using local spare parts contributed to an overall positive performance in the year.


Radar

Construction Sector Faces 'Serious Trouble,' Minister Warns

The construction industry in Ethiopia is in "serious trouble," said Chaltu Sani, Minister of Urban & Infrastructure Development, citing major challenges with finance, competitiveness and material costs. Speaking at the opening of the BIG 5 Construct Ethiopia expo and the inaugural East African Infrastructure & Water Expo at Millennium Hall last week, Chaltu stressed the need for concerted efforts from government, private sector, and international partners to support the 67 billion dol...


Radar

Wegagen Bank, Gift Real Estate Partner to Promote Diaspora Homeownership

Wegagen Bank S.C. and Gift Real Estate Plc. signed a Memorandum of Understanding (MoU) on June 23, to offer housing loans for homebuyers, with a special focus on the Ethiopian diaspora. The agreement enables eligible diaspora members to access loans covering up to 80pc of a home's value at reasonable interest rates. The bank's Deputy CEO Kidane Gebreselassie noted the deal will promote the real estate sector and expand homeownership options. Founder and CEO of Gift Real Estate, Gebreyesus Igata...


Radar

Jimma University Signs Sports Science Agreement to Strengthen National Programmes

Jimma University has signed a four-party Memorandum of Understanding (MoU) with the Ethiopian Academy of Sciences, Derartu Tulu Sports Training & Research Institute, and the Oromia Youth & Sport Bureau to advance Ethiopia's sports science and training capacity. Signed on June 26, the agreement includes joint research, shared facilities, and hosting of national and international competitions. It is expected to strengthen youth development, public health, and national pride through coor...