UMEME pays dividends of UGX 88 Bn to shareholders. Registers growth in profits.
Drake Nyamugabwa
UMEME Limited a listed company on the Uganda Securities Exchange, after registering a growth in profits for the year ending 31st December 2021, paid their shareholders dividend worth UGX 88 billion after attaining a profit after tax growth of over UGX 139 billion.
During their Annual general meeting (AGM) that was scheduled on 19th, May 2022 at Serena hotel UMEME also elected new Directors on the board to steer the company ahead.
The Chairman Board of Directors, Dr Patrick Bitature said that the AGM for UMEME was intended to communicate to the shareholders what had transpired since the last AGM including profits, challenges, growth, and elections of new Directors among other issues. The AGM also received and ratified the re-appointment of Ernst &Young Uganda as the Company’s external auditors.
The Chairman said during the press briefing picture below that the shareholders who invested in UMEME has been paid their dividend a tune of UGX 88 Bn while the company received a growth profit of UGX 139 Bn. He said that the amount per share is UGX 54.1 declared on 28th March 2022 and to be paid on 22nd July 022.
“Despite the challenges including the pandemic UMEME and the electricity sector-maintained growth with key drivers including industrial parks which have increased the demand for electricity. UGX88Bn has been paid as dividends to shareholders. The profit after tax is UGX139Bn” he said
Bitature while responding to the issue on renewing the concession contract with the government that is due to expire in 2025, said that the company is negotiating with the government on the extension of the contract adding that with the concession agreement they have with the government, they are optimistic that they will reach a consensus.
“We are in a concession agreement with the government. The government respects the contract. We are negotiating with the government on the extension of the contract. In the event government doesn’t extend the contract, it will naturally end and we hand over back, and the government pays stakeholders, loans among others” he said
The Chief Operations officer, UMEME Florence Nsubuga said that in an effort to address delays in response to customers’ needs, UMEME has decentralized the services to different parts of the country, which system she says will manage outages and quick connections among other challenges.
The resolutions of the AGM above elections reappointed outgoing Directors in their positions on the board including; Antony Marsh, Riccardo Ridolfi, and Stephen Emasu, after retirement by rotation.
In his acceptance speech, Stephe Emasu applauded the shareholders for electing him back in the position of Director on the board pledging to work in their best interests
