Latest Business Alerts

Ethiopian Airlines Profits Fall by 40%

The net profit of Ethiopian Airlines for the just ended Ethiopian financial year showed a decrease of 40% year on year. The airline earned 732 million birr which is 500 million birr less than the 1.23 billion it had earned in the previous financial year.

Ethiopian Airlines transported 4.6 million passengers in the past year showing a 25% increase and generated operating revenue 0f 33.8 billion birr, an increase of 37%. The operating expense of the airline also increased by 35% to 5.7 billion birr resulting in the airline making operating profits of 1 billion birr and net profits of 732 million birr.

The increase in fuel prices, the European economic crisis and the economic stagnation in China and other Asian countries all proved to be challenges for the airline industry in the past year said Tewolde Gebremariam, Chief Executive of the airline.

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Ethiopia to Privatize 6 Public Enterprises

Ethiopia is to privatize six publicly owned enterprises including the Addis Ababa Ghion hotel according to the Privatization and Public Enterprises Supervisory Agency.

The other enterprises that have been made available for sale are Awash Winery, Coffee Technology Promotion, Batu Construction, Limu Agricultural Development and Batu Housing Construction.

PPESA plans to privatize 20 publicly owned enterprises in the 2012-13 financial as part of the plan of the Agency it announced.

Bahr Dar Textile, Bale Agricultural Development, Arsi Agricultural Development, Kombolcha Textile, Bekelcha, Comet and Woyra Transport companies are expected to be part of the 20 companies will be offered for auction this year.

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Ethiopian & China Form Business Council

Ethiopia and China signed a Memorandum of Understanding which established a cooperative business Council. Representatives of the Ethiopian Chamber of Commerce and Sectoral Associations and the China Council for the Promotion International Trade held business and investment deliberations at the time.

The Memorandum of Understanding is aimed at strengthening general trade and investment relationships between the two countries according to Junyedi Basha, Vice President of the ECCSA.

The two countries have had trade relationship since antiquity when both had influential civilizations and the cordial relationships founded then still persist according to Junyedi.

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Ethiopia Earns $461 Million from Tourism

Ethiopia secured 461 million US dollars from the tourism sector from an estimated 584, 490 tourists who visited the country in the last financial year according to the Ministry of Culture and Tourism.

The stated revenue does not include earnings from domestic tourism said said Amin Abdulkadir, Minister for Culture and Tourism speaking at a meeting organized to assess the performance recorded by the ministry in the just concluded budget year as well as to launch the action plan for the new fiscal year.

A range of activities intended to promote and enhance cultural, historical and natural tourist attractions in the country contributed to the sum earned according to Amin.

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Ethiopian Inflation Remains at 20%

The annual inflation rate in Ethiopia remained at 20% in July according to data revealed this week. Month-on-month prices remained unchanged for the third consecutive month revealed the data.

The pace of increase in food prices, however, has marginally slowed down showed the data. Food inflation decreased to 20.7% from 21.5% and non food inflation fell to 19.8% from 19%.

The year on year inflation rates showed signs of alleviating from 20.9% in June noted the Central Statistics office.

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