Oromia Insurance Company (OIC) has announced strong financial results for the fiscal year ending June 30, 2024. Despite the challenges posed by a volatile economic environment, OIC reported a 28% increase in gross written premiums, reaching Birr 2.15 billion.
Oromia Insurance Company S.C., one of the private insurance firms in Ethiopia, bagged a net profit of 33.4 million Birr. However, the performance shows a 38 percent decline when compared to the year previous to it.
Ethiopia's Oromia International Bank has acquired the 13-storey SA building located on Africa Avenue, Bole Road. The Bank bough the building for 210 million Ethiopian birr in June 2013.
SA building, inaugurated in 2006, lies on 1,192 square meter lot and its construction was estimated to have costed 50 million, according to Fortune.
Oromia Investment and Trade Bureau plans to increase the number of agro-processing industries in the region. Bureau Head Ahmed Idris made the announcement while signing an agreement with local investors to launch 11 projects in the Bulbula Agro-Processing Industrial Park.
Investors totaling 3,600 with a total capital of Birr 186.4 billion were licensed during the last 10 months of the current fiscal year by Oromia Regional State. The investment projects are expected to create job opportunities for 679,700 people.
