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Yetebaberut’s market share increases by 25 percent Print E-mail
Saturday, 03 January 2009

By Hayal Alemayehu

The market share of Yetebaberut Beherawi Petroleum S.C. (YBP), the only oil company in the country entirely owned by Ethiopian investors, increased by 25 percent during the concluded fiscal year to reach ten percent of the total, according to the company’s board of directors report released on Thursday.

 

 The company’s strategic plan for the coming three years indicates that its market share will further grow to 14.3 percent during the current fiscal year and reach 18.2 percent three years from now.

Established four years ago with a 21 million birr capital, the company’s current registered capital stands at 59.8 million birr and operates 49 fuel stations throughout the country.

The company netted a profit of 3.43 million birr during the reported fiscal year after paying over 1.3 million birr in taxes. Its profit showed an 86 percent increase compared to that of the previous year, accord to the report.

The company’s “productive” performance is manly attributable to its direct supply services to big organizations such as Mugher Cement Enterprise and East African Bottling S.C. which consume large volumes of heavy and light fuels. For the second successive time, YBP clinched Mugher Cement Enterprise's hundreds of millions of birr worth lucrative fuel supply contract this year, outbidding veteran oil companies operating in the country.

Currently, six oil companies, namely Kobil Ethiopia, OilLibya, YBP, NOC, Total Ethiopia and Nile Petroleum are operating in the country. A new, second Sudan-based oil company, Wadi El-Sundus, is expected to launch operation at the end of January.
 
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