13.4% Increase in Revenues for UMEME

The local market maintained an all too familiar trend as the week begun, showing sustained adverse market conditions, as both indexes recorded losses. The Nairobi All Share Index dropped 2.18% to close the trading day at 146.40 with the NSE-20 also shedding 1.54% to 4337.47. Both market capitalisation and equity turnover followed suit as the former decreased by 2.03% to KES. 2056Bn and the latter shed a significant 85.94% from the previous day registering KES. 291.54Mn; as 14 million shares traded compared to Friday’s 57 million.
The electricity distributor registered improvements in performance over six months, ended 30 June 2015; as the top line recorded a 13.4% increase to Ushs 547.6Bbn. This was the result of a 19.1% reduction in energy losses, attributed to the implementation of the loss reduction strategy, and a 6.6% increment in power purchases (GWh). A 16% increase in customer numbers further emphasized the progress made by UMEME, with a 100,132 additional customers over the last twelve months recording the highest connection rate the company has ever achieved.
However, despite such impressive numbers, the 30.6% increase in gross profits- to Ushs 153.5Bn- could not sustain a Ushs. 13.8Bn increase in financing costs and unrealised foreign exchange losses worth Ushs 61.8Bn. The USE and NSE cross-listed company ended the six months with a Ushs 4.5Bn net loss after tax and announced an interim dividends of Ushs 10.8 per share, to be paid out of retained earnings on 21 December 2015; book closure remains on 4 December 2015.
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