[Mar 2017] Dalol Oil S.C Latest Ethiopian News - AddisBiz.Com | Ethiopian Business Guide
Dalol Oil S.C., one of the local private oil companies, is currently negotiating with unidentified investor to sell 22 million Br worth of shares having a par value of 1,000 Br in its bid to recapitalize itself amidst tough operating year. Reporting a full year profit of 400,000 Br for the fiscal year which ended in December 2016, Dalol’s profit, however, represents a fall four times lower than the year earlier.
The decline in profit is justified by an increase in provision held for receivables in credits and operational...
Dalol Oil S.C. announced a steep fall in profits, creating a gloomy scene at its General Assembly, where the Board implored shareholders and employees to stick together and work together to turn around the company.
The company managed to make three million Birr net profit, but that was far lower than the nine million Birr a year ago. It attributed the tumble to the shortage of foreign exchange, less of working capital, higher interest paid to the Ethiopian Petroleum Supply Enterprise? (EPSE) and quota restrictions by the Saudi...
Lideta Federal High Court passed a verdict against Tidhar Excavation & Earth Moving Ltd. in its civil suit with Dalol Oil S.C., ordering the former to pay 39 million Br in summary procedure.
The amount of birr the court ordered Tidhar to pay was the amount of debt it owed to Dalol after a business deal they entered into in 2014. The terms of the deal covered details for the supply of bitumen by Dalol to Tidhar for the Wingate-Pastor road in Addis Abeba. This road is one among four road construction projects that were awarded to...