The board of directors at Umeme Limited has recommended a final dividend of about sh88b or sh54.2 per share for the fiscal year (FY) 2023. 

The proposal comes in addition to the interim dividend of sh38.9b or sh24 per share already paid –with shareholders closing in a total FY2023 dividend of sh126.9b or sh78.20 per share.

In a statement, Umeme said the final dividend recommendation is reliant upon the approval of shareholders and will be disbursed to shareholders listed on the company’s register by June 28, 2024, with an expected payment date on or about July 19, 2024.

Umeme's financial report for the year ended December 2023 shows a significant drop in profit after tax, tumbling to sh11.4b from sh148.2b in FY2022.

Umeme attributed the to a rise in amortisation costs of intangible assets linked to the end of its concession in March 2025. Despite the profit setback, the company has remained committed to providing returns to its shareholders through dividends.

The company’s cost of sales increased by 15.55% to sh1.45 trillion from sh1.25 trillion in FY2022, driven by higher costs of electricity purchased. 

However, Umeme saw a growth in revenue, with FY2023 revenues rising by 16.37% to sh2.20 trillion from sh1.89 trillion in FY2022 due to a surge in electricity demand during the fiscal year.