Umeme Ltd, which is a public company listed on the stock exchange, has registered a profit of sh148.2b in 2022, reflecting a 6.5% increment to the 2021 results.

According to the company’s financial statement for the year ended 31 December 2022, the company’s revenues marginally increased to sh1,887b in 2022 from sh1,885b in 2021.

The growth in the company’s revenue and profitability is attributed to an increase in electricity sales and average reduction in tariffs by 2.6%.

The power distribution company has reappointed Dr. Patrick Bitature as their board chairperson for the third time.

Bitature, who is one of the leading local investors in the telecom industry and the hospitality sector, was first appointed Umeme board chairman in 2007 and re-appointed in 2021.

In a report about the annual general meeting which was published on the company website, Umeme Limited informed its shareholders and the general public that at the Annual General Meeting (AGM) of the Company held as a hybrid meeting on 18 May 2023, the shareholders passed a number of resolutions including the re-appointment of Patrick Bitature as their board chairman.

Florence Namatta Mawejje and Gerald Ssendaula were also elected as non-executive directors.

“The dividend of sh63.9 per ordinary share which is subject to withholding tax will be paid on or about July 20, 2023, to shareholders whose names appear on the company’s register at the close of business on June 30, 2023,” the report indicates.

Reacting to the news of his re-appointment on his Twitter account yesterday (Tuesday, May 23), Bitature said, “I am deeply grateful to the Shareholders for once again entrusting me with the role of Chairman of the Board of UMEME Limited. Your unwavering support and confidence in me and my colleagues mean the world to us.”

Bitature explained that as board chairman, he is fully committed to serving the best interests of shareholders.

“Be rest assured, I will utilize every ounce of my dedication and expertise to protect and advance your interests as I have always done,” he added.