2merkato

Nyala Insurance, one of private insurance companies in Ethiopia said it has secured 86.9 million Birr profit in the 2014-2015 budget year, Ethiopian Herald reported.

Nyala Insurance registered 10,000 vehicles for mandatory third party insurance policies. The insurer has equipped one of its branches to facilitate third party insurance coverage.   

The insurance company has trained personnel to handle third party registration process at additional cost said Eyob Meherette CEO of Nyala Insurance. The Insurers specialized set up is to be found at its Africa Avenue Branch and is expected to speed up the registration process he explained.

Nyala Insurance registered a net profit of birr 141.3 million this year, putting it at the top of the private insurance sector in Ethiopia. This is in keeping of its last year's record, at the end of which it scored a net profit less than 22 per cent of its profit this year. Nyala's closest contender, Awash Insurance, stood at birr 128.7 last year. Shareholder return is also highest in the private insurance sector.

Patrick Goodfellow has been appointed Chief Operating Officer for Nyota Minerals in Addis Ababa, Ethiopia as of January 2012. The company is also in the process of appointing a Chief Financial Officer. 

Nyota Minerals’ negotiations for a Large Scale Mining License with the Ministry of Mines in Ethiopia could conclude in mid 2012 according to its quarterly update.

Nyota Minerals announced that the Definitive Feasibility Study for its Tulu Kapi project in Ethiopia is progressing well and is still expected to be completed in next half of the year.

Nyota has submitted some technical elements of the ongoing DFS to the Ministry of Mines to support its application for a mining license according to the report.

The company said that the ongoing infill drilling program planned to convert a further 260 thousand ounces of inferred resources to the indicated category is now 90% complete.