Cross-listed energy firm Umeme Limited has issued a profit warning expecting the company to post a second consecutive loss in the year ended December 31, 2025.
Umeme PLC’s Board of Directors attributed the anticipated loss to the termination of the 20-year electricity distribution agreement with the Government of Uganda on March 31, 2025 resulting in the cessation of operating revenue generation.
Umeme Limited FY2024 Performance
In the FY2024, Umeme Limited recorded a revenue of Ush 2.3 trillion, up 5.4% from Ush 2.2 trillion in the previous year. Gross profit rose by 10% to Ush 821.8 billion from Ush 746.7 billion. However, the power distributor posted a loss of Ush 510.6 billion, reversing from a profit of Ush 11.5 billion in the year ended December 31, 2023. Total assets contracted by 40.8% to Ush 1.4 trillion.
“The company continues to actively pursue its outstanding claims against the Government of Uganda through the ongoing dispute resolution process as stipulated in the Privatization Agreements and as notified to the public previously. We will keep shareholders and stakeholders informed of any material development in this respect,” read a statement by the company.
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