Ethiopia: YBP Reports Strong Profits
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Friday, 13 January 2012 |
Ethiopian fuel retailer Yetebaberut Beherawi Petroleum (YBP) reported a net profit of 18.7m birr over the last financial year, 13% above previously announced targets. The company took in 3.342bn birr253.6 million litres of fuel, Chairman Tsega Asamere revealed.
The figures represented a 45% increase in sales, driven by the construction of 75 fuel service stations. The company had hoped to build more, Asamere said, but complications over the acquisition of suitable land prevented further expansion. TBP is also proceeding with the construction of an aviation fuel depot at a cost of 80-90m birr.
Pre-tax profits stood at 27.6m birr for the year. YBP has also asked the Ethiopian Government to reconsider profit margins set for the sector, said Managing Director Desalegn Alemayehu. Alemayehu said it was difficult to justify continued investment in the sector without larger margins.
PetrolWorld 13012012
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