Umgeni Water is celebrating a R1,5 billion surplus for the 2017-2018 financial year. The announcement was made in Durban at the presentation of water entity annual report in Durban.
Umgeni Water supplies water to KwaZulu-Natal municipalities, totalling about six-million consumers.
— Umgeni Water (@UmgeniWater) October 25, 2018
The announcement comes as the spotlight falls on the challenges that several state-owned entities are facing in the country.
“It’s a magical growth and a very high growth compared to 746 million we made last year. Our balance sheet reserve was strengthened to 8.1 billion which then gives us a facility to ensure that within the next 5 years our ambitious 9.8 billion CAPEX plan are achieved and sustained to ensure we go forward and remain a financially viable organisation,” says Umgeni Water CEO, Thami Hlongwa.