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Tuesday, August 05, 2008

Ruling Party's Business Conglomerate Grosses 4 Million USD

Capital -- Guna Trading House Plc, one of the companies operating under EFFORT (Endowment Fund for Rehabilitation of Tigray), the ruling party’s (EPRDF) business conglomerate, has registered a gross profit of 4 million USD, during the 2006/07 annual operations.

According to a report released on Sunday, July 27, 2008, Guna’s gross profit has increased from 1.22 million USD in 2002/3 to 4 million USD during the aforementioned year, recording a considerable increase of 227 percent.

“Export sales have gone up to 11 million USD during 2006/07 from 3.5 million USD during 2002/03, registering a boost of 214 percent,” the report stated. The endowment company imports and exports industrial and agricultural products respectively. Its’ main exports include sesame seeds, natural gum, coffee, pulses and spices. Products the company imports comprise construction materials, industrial and agricultural inputs as well as distributing local products.

Moreover, the company’s total sales have grown by more than 200 percent as compared to 2002/03 operations, mounting from 14 million to 43 million USD.

In a meeting the management held with staff members last week Sunday, at the Axum hotel, success was attributed to the high commitment shown by the management and staff in delivering product and services; satisfying customers and other stake holders.

Recently the management unveiled plans to raise the amount of hard currency Ethiopia earns by increasing the company’s sesame export to a record 38 million USD, this year, targeting to export 20,000 tons worth 38 million USD, which is more than that of the last five years combined (33.6 million USD). The price of sesame, which was below 900 USD per ton about two years ago on average, has now jumped to 2000 USD.

Guna is a trading company established in 1992, with a paid up capital of 10 million USD and annual turn over of 50 million USD. It administers more than 200 employees, with its head office in Addis Ababa and branches in Mekelle, Shire, Humera, Dessie and Gonder towns. Currently it is finalizing construction of its’ headquarters at a cost of more than 15 million birr.

Sister companies of Guna under EFFORT include Messebo Building Materials Production, Mesfin Industrial Engineering, Ezana Mining Development, Addis Pharmaceutical Factory, Hiwot Agricultural Mechanization, Sheba Tannery, Express Transit Service, Trans Ethiopia, Saba Dimensional Stones, Almeda Textile Factory and Sur Construction.

EFFORT is centrally managed by the Chief Executive Office, former Minister of Revenue, Getachew Belay.

1 comment:

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