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Umeme Limited Unaudited Half Year Results 30 June 2016

Umeme records 19.5%y/y decline in 1H16 EPS to UGX 33.56, Interim dividend UGX 11.00
Umeme Limited announced 1H16 numbers marking a 19.5%y/y decline in EPS to UGX 33.56. This was mainly as a result of increase in tax charge to 32% from 9.1% in 1H15. PBT was up 7.7%y/y.
Revenue improved 20.3%y/y with a decline in gross margin to 32.2% (36.6% in 1H15) leading gross profit to increase just 5.9%. According to the firm, revenue collection stood at 98.4% from 100.45 in 1H15. Revenue collection has so far been aided by roll out of pre-paid metering (59% of customers are on pre-paid meters compared to 52.2% in 1H15), customer payment convenience and payment by Uganda’s Government entities and industrial customers. Energy losses remained stable at 19.2% with the company targeting to update its technical losses reduction strategy. Customer numbers also increased 20.6%y/y with management noting that new customer connections were driven by grid extensions and new customers funded by World Bank.
Other operating income declined 1.9%y/y with operating expenses down 8.3%y/y. Repair and maintenance expenses declined 10.6%y/y while administrative expenses increased 8.3%y/y. Finance costs rose 25.7%y/y.
Going forward, management will focus on reducing energy losses in 2H16. In its next investment cycle starting 2017, the firm will prioritize network growth on the back of expected increase in power supply and country’s industrialization drive. An interim dividend of UGX 11.00 per share will be paid to shareholders on the share register at close of business on 2 December 2016. (Company filings, Standard Investment Bank)

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