Eskom has released its interim financial results for the six months ending 30 September, for which profit has increased 22%, and net income climbed to R11.3 billion (compared to R9.3 billion previously). Group CEO Brian Molefe (pictured) said in a statement that the company has made significant strides in key areas of the business, which has placed it on a path to operational and financial stability.
- Eskom recently appointed double CFO Award winner Anoj Singh as its chief financial officer.
- We previously asked whether Anoh Singh was Eskom's saviour. In light of this news article regarding the company's H1 profits, perhaps he is.
Eskom's earnings before interest, taxation, depreciation and amortisation (EBITDA) increased 9% to R24.9 billion, on the back of an 8% growth in the revenue of R87.9 billion. Molefe added that balancing supply and demand remained a challenge for the first quarter of the financial period, though the second quarter showed significant improvement.
The CEO said:
"Going forward, our focus will remain on minimising load shedding, ensuring adequate liquidity, filling key vacancies and improving staff morale. We are also targeting operational efficiencies and an improvement in safety," Molefe said.
- Stay connected, up to date and in the loop on what is happening in the world of finance and keep track of newly published expert insights and interviews with CFOs and CEOs. Become an online member and receive our newsletter, follow us on Twitter, like us on Facebook and join us on LinkedIn.
