Eskom, South Africa's power utility, reported a massive R55 billion after-tax loss for the year ended March 2024, attributing the loss to a one-off accounting adjustment, high diesel costs, and rampant electricity theft. The utility described the period as 'exceptionally challenging' and marked as one of the 'most challenging moments in the history of the company' due to the urgent need to address the country's energy crisis.
Eskom said said that its 2024 financial year was “exceptionally challenging, operationally and financially.” Eskom has cited a once-off accounting adjustment relating to the spinoff of its transmission business, high diesel costs, and rampant electricity theft for the massive R55 billion after-tax loss for the year ended in March 2024.
The utility said that this was required to deliver a structural improvement in generation performance and end load shedding, which consumed management focus to set the organisation up for improved performance in the future.Eskom also updated the market on its more recent performance, with the unaudited results for the first six months of the current financial year showing a “remarkable improvement, with substantial efficiencies achieved”.
“Today’s challenging results demonstrate the extremely tough choices we had to take, for which we are experiencing the benefits of today. We have continued to deliver progress and consistency in the diagnostic from two years ago to address the crisis that the current Eskom Board inherited when they took office in October 2022.
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