×

Warning

JUser: :_load: Unable to load user with ID: 205
JUser: :_load: Unable to load user with ID: 16757
Umeme counter rallies large trading volumes in three days Umeme counter rallies large trading volumes in three days Umeme counter rallies large trading volumes in three days

Umeme counter rallies large trading volumes in three days

Kampala. Following a growth in dividends by five times for 2018 to Shs40 per share from 2017’s Shs7.6 per share, foreign institutional investors are buying Umeme shares as others opt out. 
The Umeme counter has grossed Shs8.68b in the past three days from a sale of 28 million shares. 
This has been a generally rare occurrence on the Uganda Securities Exchange given the volume and amounts involved.
According to an industry source who asked not to be quoted because they are not authorised to speak officially on the matter, the trend is driven by institutional investors.

“These are institutional investors,” he said, adding: “The ones that are selling have held the Umeme shares for a while and at this point they have nothing to lose as the share price itself is not bad.”
For those who are buying the aggregated 28 million shares bought in the past three days would fetch a dividend of more than Shs1.12b, which is worth the investment in that short time.

In 2017, regulatory requirement chopped off Shs115b off its profits to close that year with only Shs35b. 
In 2018 the company almost quadrupled its profits at Shs132b thus the accruing dividend. 
Umeme has been recording some good growth, especially in customer numbers which have grown to 1.3 million customers as of close of December 2018.

The shift to prepaid metering for most of its customers has greatly improved Umeme’s revenue streams. 
However, the company still faces challenges such as collecting outstanding debts from government, where arrears of power bills are increasingly becoming exorbitant. 
In the last six months, Umeme connected at least some 46 new industrial customers that have greatly boosted its numbers.

Source: Daily Monitor

About Author

Related items

  • Kole Woman MP injured in car accident, airlifted to Kampala
     

    Kole District woman Member of Parliament, Ms Judith Alyek, has been airlifted to International Hospital Kampala after she was involved in a motor accident in Apac District on Tuesday night.

    The lawmaker was reportedly involved in an accident on Masindi Port-Apac road, a few kilometres from Ibuje Trading Centre, Ibuje Sub-county in Apac District as she was returning from her farm in Waitumba village in Ibuje. 
    Her Toyota Land Cruiser was reportedly hit from behind by another speeding vehicle. 
    Mr Peter Nkulega, the North Kyoga regional police commander said that police were tracing for the driver and vehicle that knocked the legislator’s. The wreckage of Ms Alyek’s vehicle, according to Mr Nkulega, is parked at Apac Central Police Station. 
    “It was a hit-and-run but we are calling upon anybody with information about that vehicle which caused the accident to avail it to us so that we can take action,” Mr Nkulega told Daily Monitor on Wednesday afternoon.

     

    Ms Beatrice Akello Okori, the Apac Resident District Commissioner, said Ms Alyek sustained minor injuries and was first admitted at Nightingale Medical Centre in Apac Municipality. The legislator’s bodyguard and driver also escaped with minor injuries.

    The Kole North MP, Mr Bony Okello, said the legislator was on Wednesday afternoon transferred to IHK for further management.

    The Defence State Minister, Col (rtd) Charles Okello Engola, said he dispatched a military chopper to airlift the legislator to Kampala.

    Alyek is the second MP from Lango region to be involved in a motor accident within a space of one year.

    In May last year, the Erute North MP, Charles Angiro Gutmoi was involved in a nasty road accident around Karuma trading centre along Lira- Kampala highway.

     
     

    As from: Daily Monitor

  • Long-awaited Uganda's largest ferry finally takes shape

    Transport woes for residents of Lolwe and Sigulu sub-counties in Namayingo District will soon be history when Uganda’s largest ferry starts floating on Lake Victoria.
    This is because the construction of Sigulu Ferry at Masese Landing Site, Walukuba-Masese Division in Jinja Municipality, is in advanced stages.

    The long awaited MV Sigulu, a government undertaking, is meant to serve residents of Lolwe and Sigulu sub-counties in Namayingo District. 
    Uganda National Roads Authority says about 95 per cent of construction works are complete.
    “MV Sigulu ferry now under construction at Masese, Jinja. Progress at 95 percent. UNRA executive director [Ms Allen Kagina] inspects ongoing works,” said UNRA's media relations manager, Mr Allan Sempebwa, on Wednesday.

     

    JGH Marine A/S, a Danish firm contracted to build the ferry, started construction in September 2018.
    The vessel is going to be Uganda's largest ferry with a capacity of 300 passengers when complete, according to Mr Sempebwa.

    Mr James Ouma Wandera, the district secretary for health and education, said expectant mothers had been making a 20km boat expedition to Kenya to give birth and immunise their children.
    “They sail to Kenya and back at Shs30,000 and after giving birth, make another trip to immunise the child,” he said.
    Roads inspection

    Meanwhile, Ms Kagina and a team of technical staff have started a four-day inspection of road projects in eastern Uganda.

     

     

    Credit: Daily Monitor

  • Three party leaders battle it out in South Africa election

    Polls have opened in South Africa with the leaders of the three main parties vying for votes in a race that could test the ruling ANC's long-held dominance.
    Here is a look at the three:

    The shrewd president 
    Cyril Ramaphosa, the leader of the ruling ANC party, took the country's reins last year after a dramatic and varied career intertwined with the birth of modern South Africa.
    He was a pioneering young trade union leader, an anti-apartheid activist, and a Nelson Mandela protege who led talks to end white-minority rule and helped write the new constitution.
    When Mandela walked out of jail in 1990, 

    But after missing out on becoming Mandela's successor as president, Ramaphosa instead became a hugely wealthy businessman through stakes in McDonalds, Coca-Cola, mining and telecommunications, and developing a taste for breeding rare cattle.

    In 2012, his image was badly tarnished when police killed 34 striking workers at the Marikana platinum mine, operated by London-listed Lonmin, where he was then a non-executive director.
    Ramaphosa had called for a crackdown on the strikers, whom he accused of "dastardly criminal" behaviour.
    He returned to politics to become Jacob Zuma's vice president in 2014, often drawing criticism for failing to speak out against corruption and government mismanagement.

    Renowned for his patience and strategic thinking, Ramaphosa narrowly beat off pro-Zuma rivals to take over the leadership of the ANC in 2017 and then claim the presidency when Zuma was forced out last year.
    Ramaphosa's support base crosses South Africa's racial and class divides, but he still faces strong opposition from factions within the ANC.
    "This is a decisive moment in our country, in the history of South Africa, this is a moment when... we choose hope over despair," he told supporters at the ANC's final campaign rally.
    Born in Johannesburg's Soweto township, Ramaphosa took up activism while studying law in the 1970s, and spent 11 months in solitary confinement in 1974.

     
     

     Source: Daily Monitor

Login to post comments