Browsing: Uganda’s Umeme profits

Uganda’s Umeme profits fall by 64%

Uganda’s Umeme saw its profit fall by 64 per cent in the first six months of 2020 due to low demand for electricity and payments during the coronavirus lockdown.

Umeme said in its half-year financials that the company’s profits had dropped to about $6 million in the six months to June 2020 from $16.7 million earned in the same period in 2019.

As business and economic activities in Uganda shutdown on government restrictions between March and June 2020, power demand also dropped. The power distributor said that in April when the government instituted a full lockdown, the demand fell to as low as 29 per cent, while energy losses increased to 17.4 per cent compared to 16.9 per cent for the same period in 2019.

“Our field loss reduction activities had to be drastically scaled back during the lockdown period where we recorded a spike in commercial losses,” said Umeme …