• UMEME LIMITED
  • XUGA:UMEM KAMPALA/Uganda
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  • About the Company
  • Umeme manages distribution and supply of electricity in Uganda under concession for a period of 20 years until 2025. Concession includes repair, upgrade, and expanding the distribution system within Uganda .

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Name Title Officer Since
Mr Moses Dhizaala Chairman 2015
Mr B.S Dhaka Managing Director 2015

KEY STOCK DATA

  • Profits
  • $32.06M
  • P/E Ratio
  • 6.3
  • Return on Equity
  • 10.42%
  • Dividend Yield
  • 6.59%
  • Related Companies
  • Company % Change Revenue
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Revenue per year in US $
Revenue is the money a company recieves for selling its goods or providing services. The higher the revenue, the better the company is performing.

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Uganda power distributor Umeme Limited has attributed the constant power outages that leave hundreds of Ugandans in the dark to global warming. During a stakeholders’ Annual General Meeting (AGM) at Sheraton Hotel on Thursday, Chairman Board of Directors Patrick Bitature said the national electricity grid could not handle increasingly stronger storms caused by climate change.

He said the biggest concern from shareholders was the increased power outages in certain parts of the country including Kololo and Naguru which is a result of trees and branches coming into contact with overhead lines and poles in spite of the shrub and branch clearing done by the company.

“The environment we are living in today has changed considerably and we have taken cognizance of that. The winds we have are much stronger today in Kampala, we are not used to these gale-force winds and heavy rains,” said Bitature.

Bitature however, noted that UMEME has improved the distribution efficiencies from 50% to 80% through the reduction of energy losses from 38% to 19% in 2016 which he attributed to the company’s anti power theft campaign dubbed as “Wuuyo.”

“Over the last 10 years, Umeme has improved the distribution efficiencies. 

A team of Police officers have pitched camp at the Umeme Limited head offices on Rwenzori House in Kampala to investigate a Shs 10 billion free energy-saving bulbs project.

The police are trying to find out how the government- supported project has been bungled, with most of the bulbs now being sold in shops and supermarkets around Kampala.

Both the police and Umeme have confirmed to The Observer that an investigation is ongoing, although they say it is still at a preliminary stage.

Senior Commissioner of Police Joseph Obwana, who is also the head of investigations at the Criminal Investigations Directorate (CID), confirmed that the police are investigating the bulb saga at Umeme.

The senior legal manager for Umeme, Allan Rwakakooko, also told us: “It is true Police is investigating the allegations that some bulbs were not delivered.”

For Umeme, the prospect of these energy-saving bulbs being stolen does not hurt them financially. Instead, the theft of the free energy-saving bulbs hurts the consumers, who paid money to Umeme, through power bills, to have the bulbs bought and distributed.

Weak economic growth has affected power utility Umeme’s net profit which fell by 6 per cent according to the recently released financial results for 2016.

Umeme registered a net profit after tax of Shs100b in 2016 down from Shs106b in 2015 on account of slowed economic growth due to the high commercial lending rates and the election period.

Speaking during the release of its 2016 full year results at the Uganda Securities Exchange (USE) in Kampala last week, Mr Selestino Babungi, the Umeme chief executive officer (CEO), said there was a significant reduction in sales of electricity in the industrial subsector.

Energy losses averaged 19.0 per cent compared to 19.5 per cent in 2015. This is below the regulatory energy target of 16 per cent.

He said the company invested $93 million (about Shs334.8 billion) in the distribution network in 2016 which increased its total network investment to $500 million (about Shs1.8 trillion ) since the start of the concession.

“The $93 million invested over the period focused on network expansion and restoration, new connections and rollout of prepaid metering,” he said.The key projects implemented during the year include Moniko substation, upgrading Kampala Industrial Business Park in Namanve, new connections, network expansion. 

NSSF boss Byarugaba The National Social Security Fund has bought more shares in power distributor Umeme, increasing its stake from 14% to 23 %.

NSSF boss Richard Byarugaba said Fund’s decision was in line with “our statutory mandate to invest NSSF members savings for high returns.”

He said the Fund has reached an agreement to buy 121.8million shares from Umeme Holdings Limited at a price of Ushs 488 per share, lower than the current market price of Shs525.

The development came just before Umeme suspended trading of its shares on the stock exchange. Umeme also intends to sale the remaining shares. Umeme Holdings Limited, first ceded its majority shareholding in Umeme in 2014 decreasing its stake from 60% to 14.3% through a secondary public offering on the USE and Nairobi Stock Exchange.

Since 2005, Umeme has significantly contributed to the electricity supply industry through investment of up to US$440million in the distribution infrastructure, reduced energy losses by half to 19%, and improved sector cash flows. The firm is currently connecting over 140,000 customers per annum.

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The National Social Security Fund has bought more shares in power distributor Umeme, increasing its stake from 14% to 23 %.

NSSF boss Richard Byarugaba said Fund’s decision was in line with “our statutory mandate to invest NSSF members savings for high returns.”

He said the Fund has reached an agreement to buy 121.8million shares from Umeme Holdings Limited at a price of Ushs 488 per share, lower than the current market price of Shs525.

The development came just before Umeme suspended trading of its shares on the stock exchange. Umeme also intends to sale the remaining shares. Umeme Holdings Limited, first ceded its majority shareholding in Umeme in 2014 decreasing its stake from 60% to 14.3% through a secondary public offering on the USE and Nairobi Stock Exchange.

Since 2005, Umeme has significantly contributed to the electricity supply industry through investment of up to US$440million in the distribution infrastructure, reduced energy losses by half to 19%, and improved sector cash flows. The firm is currently connecting over 140,000 customers per annum.