Nib International Bank (NIB) and Nib Insurance Company (NIC) are to construct three additional buildings in Addis Ababa, Hawassa and Dire Dawa for their joint use, according to Addis Fortune.
Nib Insurance Company has registered a 53% higher level of profit in the last financial year. The company earned 42 million birr in profits as compared to just 27.5 million birr in the previous financial year.
The per share earnings also grew by 35% with Nib share holders, who had earned 180 birr in the previous year earning 243 birr this year.
The company earned 336 million birr in premium from non-life insurance which showed a 54.8% increase as compared to the 217 million birr it earned in the previous fiscal year. The insurer also registered 10.7 million birr in premiums from the life insurance showing an increase of 26.4%. The market share of Nib insurance has reached to 9.1%.
The sister financial institutions, Nib International Bank and Nib Insurance are launching a soil test to determine a construction
site for their joint headquarter buildings.
The buildings are to be constructed on a 3000 m2 plot of land leased near the National Theater in Addis Ababa. The building will be 33 storey high with four sub-terrain floors according to the design approved said Tafesse Bogale, Chairman of the board of directors of the bank.
The design for the building was executed by Haile Gabriel Consult Architects and Engineers selected by the Nib management after a design competition. Nib management and the consultants have declined to disclose the development of the project.
Nicon PLC, an Ethiopian transit and cargo company, has announced plans to establish electric bicycles assembly plant in Ethiopia.
The company has secured land for the plant at a cost of 10 million Ethiopia birr and says it will start producing Ethiopian made bikes within a year.
TECH5, an innovator in the field of biometrics and digital identity management, announced it has become an international partner and technology supplier for the National ID Program (NIDP) of Ethiopia.
