@EBR_Ethiopia – Ethiopian Business Review

Ethiopian Maritime Transport and Logistics has announced a remarkable performance for the past six months, with a profit of ETB 9.3 billion before tax, marking a 188% increase from the previous year. This impressive result also exceeds the institution’s initial target of 6 billion birr in pre-tax profit.

The announcement was made in the presence of Ethiopian Investment Holding Deputy CEO, Habtamu Haile Michael, and other key officials overseeing the institution’s operations.

Berhane Gebreezgar, Head of the Business and Development Department, shared insights on the institution’s pivotal role in Ethiopia’s trade infrastructure. He highlighted that Ethiopian Maritime Transport and Logistics has been instrumental in facilitating the country’s import and export operations, providing comprehensive logistics services. These include transporting factory products, machinery, vehicles, construction materials, and various cargoes by both sea and land.

In the first half of the year, the institution handled 3.9 million tons of import and export cargo, surpassing expectations. Additionally, the revenue generated from these services reached over ETB 46 billion, exceeding the target of ETB 44.1 billion and reflecting a 99% year-on-year growth.

The Ethiopian Capital Market Authority (ECMA) has announced a one-month extension for publicly held companies to submit required regulatory documents, offering a final opportunity for compliance with the newly enacted Public Offer and Trading of Securities Directive No. 1030/2024.

The extension, granted in response to industry requests, pushes the deadline to April 9, 2025. This move underscores the Authority’s commitment to fostering transparency and investor protection as Ethiopia’s capital market takes shape.

Companies with over 50 shareholders—whether publicly listed or in the process of raising capital—are urged to submit key details about their securities. This includes the total number of shares issued, their valuation, historical offering details, and relevant promotional materials.

ECMA emphasized that failure to comply by the new deadline will have regulatory consequences, with any share issuance by non-compliant companies being considered as occurring after the directive’s effective date of November 14, 2024.

Hard copies of the required documents must be delivered to ECMA’s head office at Minaye Building, Addis Ababa, while digital copies should be sent via email.

The Authority reiterated that this submission does not equate to formal registration of existing securities. Companies will still need to complete the full registration process within a year from the directive’s enactment.

Ethiopian Maritime Transport Records 188% Profit Surge, Reaching ETB 9.3 Billion

ECMA Extends Deadline for Public Companies’ Compliance Submissions