Friday, July 19, 2024

EDM’s turnover increases by 14% in 2023

Electricidade de Moçambique (EDM) announced on Wednesday, May 8, that in 2023, for the third consecutive year, it recorded positive net results of around 4.8 billion meticais.

The results were approved at the Annual General Meeting, held on Tuesday, May 7, which also highlighted the increase in the company’s Turnover by 14%, from 46.8 billion meticais in 2022 to the current 53.1 billion meticais in 2023.

During the same period, the level of Total Energy Losses, mainly due to theft, fell by two percentage points, from 28% in 2022 to 26% in 2023. This reduction, the sharpest in the last four years, has had a significant impact on the increase in the company’s revenue and meets the challenge set by the government of continuous improvement in operational excellence.

The Expansion of the National Electricity Network (REN) and Massification of New Connections projects ensured that 395,732 new consumers benefited from electricity for the first time, including the communities of 11 administrative post headquarters. In effect, the number of EDM customers rose from 2.9 million in 2022 to 3.2 million in 2023, representing growth of 9%.

These advances have contributed to a three percentage point increase in the population’s domestic access rate to electricity on the grid, from 43% in 2022 to 46% in 2023.

Despite the satisfactory results, EDM continues to record losses due to the vandalization of electrical infrastructure and energy theft, which in 2023 amounted to 5.8 billion meticais.

During the meeting, the Instituto de Gestão das Participações do Estado (IGEPE), the shareholder’s representative, gave a positive assessment of the performance of Electricidade de Moçambique, considering the company an example of management in the State Business Sector (SEE).

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