- Coffee firm Eaagads returns to profitability:
Listed coffee producer Eaagads returned to profitability in the year ended March 2019 after nearly trebling its coffee volumes amid higher export prices for the commodity. The firm made a net profit of Sh 2.65 million in the period, compared to a net loss of Sh 62.5 million in the year ending March 2018, with revenue climbing by 114.6 percent from Sh 83.7 million to Sh 179.6 million. The firm produced 419 tonnes of coffee last year, up from 154 tonnes in the 2017/18 when drought hit the agriculture sector, and sold 416 tonnes compared to 252 previously. “The increase was mainly attributed to favorable weather coupled by good agronomical practices … the average price realized during the year increased to $3.37 (Sh 350) per kilogramme from $3.32 (Sh 345) in the prior year,” said Eaagads in a statement. As a result of the larger crop, the cost of production rose by Sh 23.5 million to Sh 136.3 million.
- Key Infrastructure for Dangote refinery leaves China for Lagos:
China’s leading energy and chemical company on Monday (July 29) announced that a completed atmospheric tower it had built was sailing for the shores of Lagos in Africa’s biggest economy, Nigeria. The facility, which it described as the world’s largest is set to be installed at the Dangote Refinery, a facility owned by Africa’s richest man, Aliko Dangote. The wharf carrying the tower left in Ningbo and is set arrive in Nigeria in weeks. According to experts, the primary purpose of the atmospheric distillation tower is to separate crude oil into its components (or distillation cuts, distillation fractions) for further processing by other processing units. Dangote disclosed in an interview with Reuters News Agency in 2016 that the country’s first private oil refinery was estimated at a cost of $12 million dollars with the funds to be pooled from multiple sources. The 2019 date to start operations had largely been thought of as unfeasible by a number of industry watchers. With a critical machinery coming on stream, it is believed that work could be nearing completion.
- Over 353 million seedlings in 12 hours: Ethiopia ‘breaks’ tree- planting world record:
A campaign to plant 200 million young trees in a day has kicked off in Ethiopia under Prime Minister Abiy Ahmed’s wider plan to lead the planting of four billion saplings. The July 29 campaign, under Aniy’s “Green Legacy Initiative” if achieved will be a world record according to the Guinness Book of World Records. Office of the PM said over 100,000,000 young trees had been planted after a six-hour period, which means Ethiopia has already broken the 66 million record set in India. The final figure of tree seedlings planted according to the Minister of Innovation and Technology came up to exactly 353 million, 633 thousand, 660 in a space of 12-hours.The Minister said this was the verified of the final figure on the Number of Trees Planted according to the National Steering Committee. To make it onto the World Record, the figures need to be independently verified. It is not yet clear if the Guinness World Records is monitoring Ethiopia’s the mass planting scheme but the prime minister’s office told The Associated Press that specially developed software is helping with the count.
Kindly note that the above mentioned news have been extracted and googled thru the various local news papers from African continent
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