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During the first half of 2022 ended June, Umeme noted that electricity sales rose to 1,875 gigawatts per hour, amid a reduction in energy losses, which during the period dropped to 17.1 percent compared to 17.9 percent in 2021
Electricity demand increased by 9 percent in the half year ended June, according to Umeme.
In details published together with its half year financial results, Umeme noted that the electricity sector has remained resilient amid a number of economic challenges due to the full reopening of the economy in January. .
The increase, Umeme said was key in increasing its electricity sales, which rose by 3.2 percent to Shs876.4b from Shs849.2b in the same period in 2021.
Total electricity sales rose to 1,875 gigawatts per hour, amid a reduction in energy losses, which during the period dropped to 17.1 percent compared to 17.9 percent in 2021.
For the six months to June, Umeme noted it realised Shs27.2b from the electricity sales due to an increase in power consumption in the domestic, commercial, medium, and large industrial consumer segments.
However, Umeme noted a 0.7 percent drop in electricity consumption in the extra-large industrial segment.
Umeme also noted that despite inflationary pressures in the first half of 2022, operating costs reduced by 6.5 percent to Shs115b compared to Shs123b in 2021 supported by reorganisation of the business during the period and efficiency gains from its continued investments in technology.
Operating profit increased by 21 percent, which translates to Shs100b compared to Shs82b in 2021 driven by performance on gross profit and operating costs while profits after tax increased to Shs64b compared to Shs48b in 2021.
Earnings per share increased to Shs39.6 from Shs29.7 while net of tax was Shs136.1b up from Shs22.4b.
The company also recorded a growth in total assets to Shs2.6 trillion compared to Shs2.5 trillion while net debt dropped by 20 percent to Shs268b ($71m) compared to Shs337b ($95m).