Fikremariam Tesfaye
24 May 2009
Addis Abeba — Ethio- Nippon Technical Company, a MITSUBISHI Motors importer, on Thursday said it planned to intensify its marketing activities in the agricultural and construction machineries.
The company has been taking necessary steps to expand and intensify its marketing activities in the agricultural and construction machineries sector as well as in the domain of large buses, Berhanu Yoseph, Company's General Manager said at the press conference held in connection to 40th anniversary celebration of the company.
Survey was conducted on potential customers and a positive response was obtained to engage in the sector, he said adding the fact that Ethiopia has an agrarian economy will let investing in the sectors much important to achieving self-sufficiency and development.
Currently, the sells of the company in the face of global recession is falling down. The profit after tax sharply turned down to 100 percent from 39.5 to 18.9 million birr as compared to 2007 and 2008.
"Regrettably, we are in the middle of global recession and the future may be full of uncertainties; particularly in view of the scarcity of foreign exchange at home and the inflationary impact of rising exchange rates abroad causes to decline the profit, " said Berhanu.
"However, with the support and understanding of employees, the selfless effort of management and the assistance of banks in making foreign exchange available, hopefully overcome the grace situation with minimum damage to the company and its employees and be able to move forward even if it meant at a slower pace," he added.
Currently the company runs with the capital of 10 million birr and 25 to 30 percent of market share in Ethiopia and created 138 job opportunities.
Ethio- Nippon Technical Company, originally Ethio- Technical Company, was founded in May 1969 by three Ethiopians and two foreigners with a capital of 50,000 birr divided in 50 shares be bearer and took the Mazda Motors franchise later that year.
By the year 1975 most import activities were curtailed, making the next 20 years the most trying the darkest era of the company's existence.
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