2merkato

Kuma Demkesa, Mayor of Ethiopia’s capital city Addis Ababa, laid the foundation stone for the construction of 42,000 new condominium housing. The city administration plans to construct condominium house at 16 sites around the capital.

The successful construction of new condominium housing is a priority for the city administration said Kuma.

The Ethiopian Electric Power Corporation scrapped a proposed plan to restructure. The restructure called for Ethiopia’s electric power provider to be split into four separate entities.

A 33 million birr study carried out by Italian consultants Ben and Company had proposed the four way split into Power Distribution, General Administration, Utility Management, and Hydroelectric Power Dams.

It was planned that that the split into four different entities, that was to commence as of last November, would make the operations of EEPCo more efficient.

Yetebaberut Behrawi Petroleum S.C, Ethiopian announced a net profit of 18.7 million birr for the last Ethiopian financial year. The company’s profits were 13% above target announced Tsega Asamere Board Chairman at the annual meeting of the company held on the 2nd of January at the Hilton Hotel.

YBP made 27.6 million birr in profits before tax after earning 3.342 billion birr in revenue from the sale of 253.6 million liters of fuel said Tsega. YBP also raised 60.5 million birr through providing 34,000 liters of oil he added.

The petrol station operator has seen a 45 percent increase in sales from the previous year explained Tsega.

Alliance Transport Service S.C, Ethiopia signed an agreement for the import of 50 buses with Chinese manufacturer Xiamen King Long Automotive Industry. The deal was agreed for 72 million birr.

The agreement stipulated that parts of the pass including the engine will come from British company Kemens Engine with Xiamen handling the bodywork and assembly of the buses.

The buses, expected to arrive in three months, will have the capacity to seat up to 100 people offering modern conveniences and comfort to travelers according to officials from Alliance.