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Awash Bank Earns 1.44 Billion Birr Profit for 2017 / 2016 fiscal year

Awash Bank, the first private bank that commenced business after the Ethiopian Peoples’ Democratic Front (EPRDF) came to power, has earned a little over 1.4 billion birr gross profit holding its lead among private banks in Ethiopia. Last year, the bank took the lead from Dashen Bank by surpas...

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Wegagen Bank Profits 797 million birr before tax for 2017 / 2016

This year, the Bank grossed an unaudited profit of 797 million Br, which is 50pc higher than the previous fiscal year, making the company the fourth highest profit earner in the country next to Awash, Dashen and Abyssinia. The shares of Wegagen Bank S.C. with a par value of 1,000 Birr have commande...

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Abyssinia Banks Profits 801 million birr before tax for 2017 / 2016

Bank of Abyssinia’s (BoA) profits, deposits and loan disbursements grew 50 percent this fiscal year. BoA has amassed an 801 million birr profit before tax. This was an increase of nearly 300 million birr compared with the 2015/16 fiscal year. A year ago the bank earned over 506 milli...

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Simachew Kebede Finally Gets out of Prison

Simachew Kebede, the major shareholder of DH Simex Plc that owns Intercontinental Addis Hotel, finally gets out of prison after settling the case with the Federal Prison Administration, which resisted his release mentioning the pending appeal against him. He was released on July 13, 2017, with prohi...

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Justices Overrule Lower Court ruling on Heineken Breweries vs Kangaroo Plast

Justices at the Supreme Court ruled two weeks ago denying Kangaroo Plast Plc its long fought claim to hold onto the trademark rights on the brand Ibex. The Supreme Court’s judgment was given based on an appeal lodged by Mahlet Habtewold and the Ethiopian Intellectual Property Office (EIPO) af...

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Tiens Ethiopia Hopes to Regain License

The Federal Supreme Court Cassation Bench on July 27, 2017, lifted the trade license revocation of Tiens Ethiopia Plc, a supplier of various items, mainly medical supplements, ordering the Ministry of Trade (MoT) to review the case again and pass an appropriate verdict. The ruling comes eight month...

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Magnolia Hotel & Conference Center opens it's doors

Magnolia Hotel & Conference Center becomes the latest entrant to the hospitality industry with an estimated cost of half a billion Birr, situated on Cape Verde Avenue, opposite the premises of the European Union Delegation to Ethiopia, in Bole District. The construction of the seven-storey Hote...

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Court freezes assets of major construction companies in a continued corruption c…

Corruption crackdown continues as the number of suspects who are placed under custody reaches 55 as of yesterday. Moreover, an asset freeze order was issued against 210 individuals and 15 companies who are suspected of having dealings with the officials, individuals and brokers who are arrested for ...

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Prev Next

Awash Bank Earns 1.44 Billion Birr Profit for 2017 / 2016 fi…

Awash Bank, the first private bank that commenced business after the Ethiopian Peoples’ Democratic Front (EPRDF) came to power, has earned a little over 1.4 billion birr gross profit holding its lead among private banks in Ethiopia. Last year, the bank took the lead from Dashen Bank by surpas...

Read more

Wegagen Bank Profits 797 million birr before tax for 2017 / …

This year, the Bank grossed an unaudited profit of 797 million Br, which is 50pc higher than the previous fiscal year, making the company the fourth highest profit earner in the country next to Awash, Dashen and Abyssinia. The shares of Wegagen Bank S.C. with a par value of 1,000 Birr have commande...

Read more

Abyssinia Banks Profits 801 million birr before tax for 2017…

Bank of Abyssinia’s (BoA) profits, deposits and loan disbursements grew 50 percent this fiscal year. BoA has amassed an 801 million birr profit before tax. This was an increase of nearly 300 million birr compared with the 2015/16 fiscal year. A year ago the bank earned over 506 milli...

Read more

Simachew Kebede Finally Gets out of Prison

Simachew Kebede, the major shareholder of DH Simex Plc that owns Intercontinental Addis Hotel, finally gets out of prison after settling the case with the Federal Prison Administration, which resisted his release mentioning the pending appeal against him. He was released on July 13, 2017, with prohi...

Read more

Justices Overrule Lower Court ruling on Heineken Breweries v…

Justices at the Supreme Court ruled two weeks ago denying Kangaroo Plast Plc its long fought claim to hold onto the trademark rights on the brand Ibex. The Supreme Court’s judgment was given based on an appeal lodged by Mahlet Habtewold and the Ethiopian Intellectual Property Office (EIPO) af...

Read more

Tiens Ethiopia Hopes to Regain License

The Federal Supreme Court Cassation Bench on July 27, 2017, lifted the trade license revocation of Tiens Ethiopia Plc, a supplier of various items, mainly medical supplements, ordering the Ministry of Trade (MoT) to review the case again and pass an appropriate verdict. The ruling comes eight month...

Read more

Magnolia Hotel & Conference Center opens it's doors

Magnolia Hotel & Conference Center becomes the latest entrant to the hospitality industry with an estimated cost of half a billion Birr, situated on Cape Verde Avenue, opposite the premises of the European Union Delegation to Ethiopia, in Bole District. The construction of the seven-storey Hote...

Read more

Court freezes assets of major construction companies in a co…

Corruption crackdown continues as the number of suspects who are placed under custody reaches 55 as of yesterday. Moreover, an asset freeze order was issued against 210 individuals and 15 companies who are suspected of having dealings with the officials, individuals and brokers who are arrested for ...

Read more

Diaper Manufacturing Plant Breaks New Ground in Hawassa

Ontex Hygienic Disposables Plc, a manufacturer of Canbebe brand diapers, in partnership with Tracon Trading Plc, inaugurated the first diaper manufacturing plant in Hawassa Industrial Park (HIP) on Tuesday, July 11, 2017, with a quarter of a billion Br investment. The new plant rests under an 11,00...

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Arrests in corruption charges of major government officials …

In what could be considered to be a major crackdown on corruption in the past few years, the Federal and Addis Ababa Police have apprehend some 39 government officials, brokers and businesspersons in the middle of the week and charged them with corruption, which involves more than 1.15 billion birr...

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