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The federal government spends USD48 million every month to import edible oil, underscoring the pressing need for import substitution, Ministry of Trade & Industry said.
While import of edible oil is almost USD576 million annually, it accounts for almost five percent of the country’s imports, which stood at USD15 billion during the last fiscal year.
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Ethiopia’s government plans to increase its annual tax revenues by more than ten folds to 3.4 trillion birr by 2030, Planning and Development Commission announced.
The country’s tax revenues, which stood at 312 billion birr in the last fiscal year, had showed a six-fold increase over the last decade, lower than what the federal government anticipates for the next decade.
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As per the annual reports of insurance companies in Ethiopia, here is a list of the top profitable insurance companies in Ethiopia.
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Abay Bank profit before tax reached 640 million birr, decreasing by 43 million birr compared to the previous year. Profit after tax reached 501.2 comparatively staying the same compared to the previous year’s net profit of 501.5 million. Earning per share (EPS) has dramatically decreased from 343.6 birr for the previous year to 269.6 birr for the current year.
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Addis International Bank, one of the youngest banks in Ethiopia has reported that it has earned a net profit 213.1 million birr, showing an increase of 53.9 million birr or 34%. The Bank’s earning per share (EPS) increased from 20.7 from the previous year to 22.5%.
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Dashen Bank, one of the few banks which has been operating in Ethiopia for 25 years or more, has reported that it has earned 1.79 billion birr gross profit, and 1.54 billion birr net profit for 2020/2019 fiscal year, registering a growth of 39.9% and 51.2% respectively. Earnings per share has also surged by 20.2% and stood at Birr 490 compared to last year’s 408.
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Nib International Bank, one of the banks which has been working in Ethiopia for 20+ years has reported that it managed to earn 1.3 billion birr gross profit for 2020/2019 budget year.
In it’s 21st annual assembly held at Intercontinental Addis Hotel, the bank reported that it managed to increase it’s branches to more than 300 and it’s total number of employees has grown from 4,900 to 5,900.
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Berhan Bank reported that it has earned a gross profit of 707.5 million birr for the 2020/2019 budget year, making it’s net profit 553.1 million birr. The Bank’s earning per share (EPS) reached 258.8 birr.
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The company earned 33.7 million birr before tax for the 2020/2019 budget year which is an increase of 9.4 million birr compared to previous year. Berhan Insurance has reported that it has earned a gross written premium of 139.8 million birr for the 2020/2019 budget year which is a 15% increase from the previous year.
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Bunna International Bank has reported that it has earned a profit before tax amounting 582 million birr, making the net profit 440.29 million birr. This is the first time the company’s profit declined in it’s 11 years of operation. The earning per share (EPS) of the bank decrease from 28.69 to 22.50.
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| Currency (Code) | Buying Rate | Selling Rate |
|---|---|---|
 US Dollar(USD) | 39.3078 | 40.0940 |
 Euro(EUR) | 47.7668 | 48.7221 |
 Pound Sterling(GBP) | 53.3761 | 54.4436 |
 UAE Dirham(AED) | 10.7004 | 10.9144 |
 Saudi Riyal(SAR) | 10.4771 | 10.6866 |
