Uganda’s NSE-USE Cross Listed Electricity Distribution Company,Umeme Limited has released its Full Year 2015 Results posting a 31% Growth In Gross Profit.
Highlights
- Revenue increased 18.8% to Ushs 1.2 trillion supported by an 8% increase in units sold (GWh) coupled with regulatory adjustments in the end user tariff through the Quarterly Tariff Adjustment mechanism during the period.
- Cost of sales increased 12.7% mainly driven by the 5.5% increase in electricity purchases (GWh).
- Gross profit grew by 31.3% to Ushs 418.0 billion from Ushs 318.5 billion in 2014. The improvement in profitability is attributed to additional capital investments in the distribution network and growth in sales units.
- Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) increased 39.3% to Ushs 247.5 billion during the 12 month period.
- Net profit for the 12 months period increased by 10.3% to Ushs 105.9 billion compared to Ushs 96.0 billion in the previous year
Key operational results for the year include;
• Customer numbers increased 22.0% to 793,544 in the year, marking the highest connection rate in our history. Out of the additional 142,971 customers, over 70,000 connections are attributed to the Output Based Aid (OBA) project, funded by the Government of Uganda in partnership with the World Bank and KFW.
• Prepaid customers increased to 52.2% of the total customer base as at 31 December 2015 compared to 25.5% as at 31 December 2014. The Company converted 87,354 customers to prepaid metering during the year.
• Energy losses for the year averaged 19.5% compared to 21.3% in 2014.
• Revenue collection for the period was 98.2% compared to 99.1% in 2014.
