Connect with us

Hi, what are you looking for?
process will assist in spurring investment in mini-grids /COURTESY


Umeme Projects A Profit Decline of Over 60pc for FY20

NAIROBI, Kenya, Mar 22 – Umeme Limited has issued a profit warning for the financial year ending December 31, 2020, which will be lower than the earnings in 2019, by more than 60 percent.

The NSE listed ompany through a statement revealed that the lower projections are a result of the pandemic effects, amongst other reasons.

“The reduction in profitability is attributed to the effects of the COVID-19 pandemic, regulatory lag, and suspension of the government’s free connections policy,” reads the statement.

Through its company secretary, Shonubi Musoke, and Company advocates, the firm has asked its shareholders to exercise caution while dealing with the company’s shares.

The company is also optimistic that the recovery in the business environment as government responds to the pandemic will support stronger operational and financial performance in the year ahead.

“Further details of the company’s annual financial performance will be disclosed in the audited financial statements to be published and circulated to shareholders,” it added.

Umeme Limited is Uganda’s largest electricity distributor, distributing 97 percent of all electricity used in the country.


1 Comment

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...


NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...


NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...


NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...


NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...