Selam Bus expects over 25 percent net profit

Selam Bus

Addis Ababa, EthiopiaSelam Bus Share Company says it expects its net profit to reach over 25 percent, according to the General Manager Wolday Kidanu. Last year the company posted a 23.2 percent net profit.

“We will be holding a shareholder’s meeting in November and we are expecting our net profit to grow to over 25 percent,” he said.

The company currently has 2,500 shareholders, a paid up capital of 43 million birr and assets worth 123 million birr. “We are currently floating 5,000 shares for those interested to buy. We have shareholders from all regions across the country, and that’s exactly how we have managed to build a strong business,” he added.

The General Manager underlined that safety was its core priority. “We are highly concerned with safety and we make sure that we do everything possible to insure the safety of our passengers. We are really careful with the drivers we recruit, we do not hire drivers that tend to drink or chew Khat. We frequently train our employees on how to handle our customers appropriately and we pay them well. All this contributes to insure safety,” Wolday told Capital.

Back in 2012, the company ordered 10 new super high deck coaches from Yutong Hong Kong Ltd at a cost of 30 million birr. The company currently has 31 buses providing service and plans to increase that number to over 100 within the next five years.

“Our plan is not only to become the best transport provider in Ethiopia but also one of the best in East Africa. We want to become the safest, most comfortable and most modern transportation system that connects East African countries and even beyond,” he said.

Selam Bus Share Company was established in 1996 in order to address the increasing problem of public transportation.  The company launched its operations with 25 buses with an initial capital of 13.7 million birr. Currently, the company provides service from Addis Ababa to Dire Dawa, Harar, Jijiga, Jimma, Bahir Dar, Gondar, Dessie and other cities.