Newslex Point News in Uganda, Uganda news
Umeme earmarked a shs19.8 billion to pay dividends to its shareholders which is translated to shs 12.2 per share. This showed a decrease from last year’s payment.
The electricity company said it experienced a tough 2020 during the annual meeting for shareholders and management.
The year saw its profit dip to shs 1.6 trillion compared to shs 1.7 trillion registered in 2019. The company blamed this decline on the effects of Covid-19 which led to an increase in operational costs.
Umeme’s managing director Selestino Babungi, after realizing the financial results of 2020, said they will do whatever to return to their higher levels of profitability.
One of the board members said it is wrong for some people to blame Umeme for the high power tariffs. He said it is the era that sets the tariffs, not Umeme.
All members of the board were re-elected to retain their positions at the meeting.
Umeme is, however, not the only listed company to register a decline in profits after the Covid-19 pandemic.
The pandemic caused the country to invoke a subsequent lockdown that left businesses in survival mode.
Check also;
- Umeme Profits Decline
- Ethiopian Airways Profits Than Others In Africa
- Mixed Reactions As Uganda Airlines Overcharges Returnees
Please use the button below to contribute to Newslex Point, Inc. using a credit card or via PayPal.
![[dropcap]A[/dropcap] section of women in Bugongo parish and Nawangaiza parish in Nawandala Sub County, Iganga District have decried the near-impossible terms set for them to access GROW funds. They have now petitioned their woman member of parliament for Iganga Hon. Kauma Sauda Alibaawo to ask the government for revised terms and conditions. This is to enable them to benefit from the program. The disgruntled women accuse the implementers of the program of charging the money. They are also asking for their land titles and land agreements. They said that such properties are governed by their husbands. These, therefore want the government through their woman MP to intervene and revise the requirements for one to benefit. The women were on Wednesday at Namabwere primary school in Nawandala Sub County. They had gathered in their respective groups to receive over 300 chickens from Hon Alibaawo in her campaign to improve the livelihood of women in Iganga district. Each group was given 50 chicken as start-up capital in their journey to prosperity. Read what some leaders said; Ms Naigambi Lydia from Nawandala Trading Centre says, “They solicited money from us through opening bank accounts and depositing Shs80,000. They also asked for land titles and land agreements from us yet we don’t have such things. I was informed that I needed to have a business with a capital of Shs4m yet my capital was very small.” The chairperson Kisoboka Saving Group in Nawandala Ms. Nakagolo Faith said they were not able to join the program. This is given the many conditions attached. She also asked their woman MP to raise their concerns to the relevant offices. The MP condemned the mode of implementation of the program. She cited that it has turned to benefit the well-off class of women other than the intended group. She further asked the government to intervene saying the current strings attached to the programme are very tight to accommodate a common woman. GROW project is a Government of Uganda initiative that arose out of the need to respond to the needs of women entrepreneurs. This is especially those who want to grow their businesses, sustain their self-employment and create more jobs. Check Also; Iganga District NRM Leaders Urge Museveni To Fulfill Election Promises Of 2021 International Women's Day: Celebrating Progress Towards Equality](https://i0.wp.com/newslexpoint.com/wp-content/uploads/2024/11/Iganga-women-decry-tough-terms-to-access-GROW-funds-e1731738339732.jpg?resize=300%2C160&ssl=1)
