Business
Umeme 2013 pretax profits nearly doublePublish Date: Mar 24, 2014
Umeme 2013 pretax profits nearly double
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Patrick Bitature the Umeme board chairman
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UGANDAN power distributor Umeme Ltd. nearly doubled pretax profits last year, boosted by a surge in sales and new capital investments, the firm reported on Monday.

The firm, which is partly owned by emerging markets private equity investor Actis, said pretax profits rose 89 percent to 115.2 billion shillings ($45 million) on revenue up 12.3 percent at 965 billion shillings.

Earnings rose to 52 shillings a share from 42 shillings in 2012.

The company, which is listed on both Kenyan and Ugandan stock exchanges, said it would pay 16.8 shillings per share in dividends, compared to 15 shillings the previous year.

The firm's chairman, Patrick Bitature, said in a note accompanying the results that this year Umeme would focus on continuing to revamp its distribution network and investing in new technology, part of its $440 million capital investment programme for the 2013-2018 period.

Uganda's power supply is expected to get a major boost when the 600 megawatt Karuma hydropower dam on the river Nile comes online around 2017. Construction work on the $1.6 billion project started last year. 

Reuters

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