2merkato

The Metal and Engineering Corporation of Ethiopia has agreed to replace the electric meters operated by the Ethiopian Electric Power Corporation. The project is valued at nine billion birr and will exchange electric meters for new ‘smart’ meters.

The new ‘smart’ digital meters are expected to automatically register electric consumption and report back to EEPCo without requiring manual reading like the analog meters currently being used.

MetEC has employed an estimated 2000 workers to be paid per every new meter they install according to sources.

The Metal and Engineering Corporation concluded a deal to acquire the Ethiopian Riviera International Hotel, primarily owned by Alem Fitsum.

The deal includes the three star hotel and a PVC and plastics manufacturing plant located behind the hotel.

The deal was struck for approximately 140 million birr with negotiation still going on and handover expected in the coming weeks according to sources. MetEc aims to utilize the hotel to house guests that will stay for more than a month saving it a lot of money according to an unofficial source with the corporation.

The Ethiopian Metal and Engineering Corporation announced a profit of 181 million birr for the past financial year. The corporation registered a profit for the first time having recorded a loss of more than 381 million birr in its first year of operation.

METEC was able to register profit by addressing problems with the majority of the nine companies under its umbrella that had failed to perform in the previous financial year according to Kinfe Dagnew, General Manager of the corporation delivering an annual performance report to the House of Peoples Representatives.

The corporation’s revenue has shown a significant increase to 16.7 billion birr from a little over half a billion birr the previous budget year he noted. It plans to enhance its revenues to 28.4 billion birr in the current fiscal year although it has only managed to collect 4.5 billion birr as gross revenue in the first six months.

Metals and Engineering Corporation (METEC) announced that it had begun assembling cargo locomotives for the new Ethiopia-Djibouti railway line which is at its final phase to commence operation, Fana Broadcasting Corporate reported.

Metals and Engineering Corporation (METEC) disclosed it built more than 75 manufacturing workshops all over Ethiopia.