Umeme’s half-year profit up 33% – officials

Umeme Limited ( @UmemeLtd ) Uganda’s sole power distributor’s half-year pretax profit jumped 33%, helped by a surge in energy sales across all categories of customers and a drop in its operating costs, it said on Monday.

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For the first six months of this year ending June 30, Umeme’s pretax profits rose to 92.8 billion shillings ($24 million), compared with 69.6 billion shillings recorded in the same period last year.

The firm said the steep rise in profits was largely on account of higher electricity sales that rose 9% from the same period last year.

There was also a 6.5% drop in operating costs driven by a reorganisation of the business and efficiency gains from investment in technology.

Umeme, which is listed on both the Uganda and Kenya stock exchanges, holds a monopoly 20-year power distribution concession in Uganda that is due to expire in 2025.

($1 = 3,855.0000 Ugandan shillings)

Reuters