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Dalol Oil S.C warned shareholders with unpaid shares to complete payment before April 8, 2014. There are 25,000 shares collectively worth 25 million birr that are still unpaid for according to Serkalem G/Kristos, CEO of the company. Unless the 380 shareholders pay up, the shares will be floated again.
The company planned to increase its capital to 200 million birr when all the 64,471 subscribed shares were paid for. But the subscribers failed to pay again and again despite repeated warnings from the company. This is because of delays in the company’s system, says one insider.
“The stations were supposed to finish construction and start work much earlier than March 2011,” that individual said. “This made the subscribers pause. Some no longer believe in the company’s ideals.”
But Serkalem maintains that the subscribers didn’t pay for their own reasons. Besides the delay in construction was caused by a lag in the government’s working system.
The company spent 196 million birr on the acquisition of products and obtained revenue of 198 million birr in the previous fiscal year. It spent 6.8 million birr on depreciation and administrative costs putting its net loss for the 2012/13 fiscal year at 5.6 million birr, according to the company’s financial statements.
The major problems it encountered were shortage of capital, foreign currency and experienced human resources. The lack of foreign currency forced the company to delay purchasing the oils, lubricants and petroleum coke it had planned on purchasing.
Dalol currently has 8 service stations in Arba Minch, Sebeta, Alaba, Sululta, Awasa, Hamusi, Amanuel and Semera. There are more stations under construction in Addis Ababa, Jijiga, Gondar, Aksum, and Jimma.
Dalol imported 353 metric tons of oils and lubricants worth 20 million birr in the first half of this fiscal year. It counts Harar and Bedele Beer, Hawk International Construction and the Ethiopian Road Construction Corporation among its clientele.