Month: October 2019

The state-owned Ethiopian Airlines Group made a total profit of 8.9 billion birrs ($326 million) before tax.

The Ethiopian Airlines Group made the revenue from transporting passengers and goods as well as providing other services by its group’s companies such as training, catering among others. This is according to a report done by the Ethiopian Public Enterprises Assets and Administration Agency, which evaluated the performance of the Group.

The report shows that from the total revenue the company generated, $3.9 billion is collected in hard currency from international customers.

During the current Ethiopian year which started on July 8, 2019, Ethiopian Airline Group has planned to collect total revenue of 155 billion birrs which is about $5.7 billion. It also stated that the group aims to report a gross profit of 19 billion birrs which is about $696 million at the end of the year – July 7, 2020.

Also

East African Community (EAC) countries rank among the top 20 global trades markets with the potential to grow their economies.

This is despite the existing trade disputes and prevalence of non-tariff barriers (NTBs) in the region.

A new study carried out by the British Standard Chartered Bank shows that Kenya leads the East Africa region in terms of putting in place the right foundations to support future growth trade such as physical and digital infrastructure, e-commerce and ease of doing business.

Uganda and Tanzania followed while Rwanda and Burundi were not included in the study.
Kenya was ranked second after china globally with Uganda coming at number 17 and Tanzania number 19.

According to the report, Kenya is the only East African Community country that has improved its trade readiness, which is paying off through investments in infrastructures and improvement in its business environment.
Tanzania has made significant steps in …

Dubai sits at the crossroads of Africa, the Middle East, Asia and Europe. To say that this is a strategic location would be a major understatement. This city is an incredible story of entrepreneurial success and has become an inspiration for African countries and other developing nations across the globe.

In anticipation of the 2019 edition of the Global Business Forum Africa in Dubai (GBF Africa), FurtherAfrica had the privilege of talking to the man leading an institution that plays a fundamental role in supporting the development of Dubai’s business community. His Excellency Hamad Buamim, President and CEO of Dubai Chamber of Commerce and Industry has been at the helm of the non-profit public organisation since 2006. International expansion is a major focus for Dubai Chamber which operates 10 representative offices around the world, including 4 in Africa.

Since it began building its presence in Africa, the …

Airtel Uganda has been awarded the largest taxpayer in Uganda and recognised for its compliance in remitting taxes to the Uganda Revenue Authority (URA).

The company paid Ush 136 billion in the financial 2018/19 that led them to win the Excel Award for the year during the Uganda Revenue Authority 14TH Taxpayers Appreciation Awards – 2019

“Airtel has contributed over Ush136 billion in the financial year 2018-19 making it the biggest contributor of income tax in the last financial year,” a statement from Uganda Revenue Authority read.

The Minister of Finance Hon. Matia Kasaijja congratulated Airtel upon the achievement and applauded the company for their contribution towards the development of Uganda through tax.

Mr. V.G. Somasekhar, the Managing Director of Airtel Uganda, thanked Uganda Revenue Authority for recognizing their contribution to the country’s GDP and the work they are doing to remain compliant.
“It is an honour for Airtel to …

Zambia’s external debt stock had increased to $10.23 billion by end of June 2019.

With the International Monetary Fund warning that the country’s debt was becoming unsustainable, Zambia’s finance minister Bwalya Ng’andu said Zambia would postpone and cancel some planned loans, refinance existing ones and stop offering guarantees for quasi-public entities.

He added that the treasury would also be more cautious in contracting new debt as he read a surplus budget that will be partially financed by external partners.

“The government proposes to spend Kz106.0 billion ($8.03 billion) in 2020, representing 32.4 per cent of GDP of this amount Kz72.0 billion ($5.5 billion) will come from domestic revenues while the balance will be raised through domestic and external financing,” Dr Ng’andu told legislators.

The finance minister said the government will not replace its value-added tax (VAT) with a controversial non-refundable sales tax which met fierce opposition from businesses, opposition and …

Stanbic Bank Tanzania has announced their support for the third Tanzania Oil and Gas Congress that will take place in Dar es Salaam between the 2nd and 3rd October, 2019 at the Julius Nyerere International Convention Center (JNICC).

“It’s an honour to participate and attend the congress as a panellist, Stanbic Bank is excited to be part of conversations that will further the oil and gas sector and the development of Tanzania’s economy”, said the bank’s Head of Oil and Gas, Mr. Elias Ngunangwa.”

Stanbic Bank Tanzania has vast knowledge, expertise and experience in advising and arranging capital for projects in the sector. “We believe that financial institutions have an important role in facilitating investment in sectors such as oil and gas to promote industrialization and economic growth. We are committed to being a key player in supporting the government and stakeholders to utilize the resource effectively,” he added.

Tanzania …

Over the past decade, Tanzania’s oil and gas industry has demonstrated astonishing milestones in energy generation and consumption, demonstrating that an industrialized Tanzania might be a feasible ambition for East Africa’s fastest-growing economy.

Since Tanzania discovered natural gas in 1974, remarkable developments have been achieved. These include saving over $ 10 billion USD, used in purchasing heavy fuel oil (HFO) and other fossil fuels (diesel and petrol in particular) for industrial production and power generation.

According to the Ministry of Energy, until May 2019, the Tanzania Petroleum Development Corporation (TPDC) had collected over $ 210 million USD (from gas sales and exploration), exceeding the intended target of over $ 171 million for the fiscal year 2018/ 2019.

Currently the energy arena in Tanzania seems to be working positively. The upcoming Oil and Gas Congress (commencing on 2^nd and 3^rd of October), anticipates profitable sectorial merits, necessary to expanding …

The African Export-Import Bank (Afreximbank) has signed a deal with Uganda to open its East African branch in Kampala.

Uganda’s President Yoweri Museveni and Benedict Oramah, Afrexim bank president signed the deal which will see Uganda as its fifth branch.

Afrexim bank which is a pan-continent investment lender has other branches in Abuja, Cairo, Abidjan and Harare.

Prof Oramah said that the opening of an East Africa branch would deepen the bank’s involvement with the region’s institutions.

The Kampala branch will start operating end of October 2019 and will serve 11 countries: Uganda, Sudan, Kenya, Tanzania, Eritrea, Djibouti, Ethiopia, South Sudan, Rwanda, Burundi and Comoros.

Kudakwashe Matereke Afrexim East Africa chief operating officer said it is in talks with Uganda’s  National Social Security Fund (NSSF) to have it join others in the region like Rwanda’s social board to become one of the lender’s institutional investors.

Also Read: New bank

National air service Uganda Airlines is to add three more regional flights to its schedule this month increasing its destination to seven.

Jenifer Bamuturaki the airlines’ commercial director, said the ai shuttle will make its debut flight to Bujumbura, Burundi at a promotional fee of $255 on September 30th and on 11th October it will fly to Kilimanjaro, Tanzania and to Mombasa, Kenya at a cost of $165 and $312 respectively.

These flights will be an addition to the initial routes of Mogadishu, Nairobi, Juba and Dar es salaam.

Ms Bamuturaki said the air carrier is planning to increase the frequency on some of the routes that have a growing number of passengers. The increase in flights will see three daily flights to Nairobi from the initial two flights and two flights to Juba from the initial one flight, which she said will depend on the acquisition of more …

Spanish delivery firm Glovo, in a bid to expand its geographical reach within Kenya, has officially launched its service in Kenya’s second largest city, Mombasa. 

The move will now see residents of Mombasa experience faster on-demand deliveries on categories such as food,groceries, drinks and courier services from different outlets within the town.

READ ALSO:Glovo now eyes bigger share of African market

Glovo already has partnerships with outlets such as Chicken Inn, Java House and Naivas supermarkets which operate in Mombasa. 

Speaking during the official launch of the new city, William Benthall, Glovo’s General Manager for Kenya, expressed his optimism towards the new venture.

“Our expansion to Mombasa was informed by our wider goal to have a presence in all the towns in the country,” said Mr. Benthall, “We are continually onboarding more partners so as to serve our customers better and offer the best delivery services …