You better sit down for this… Eskom made a profit!
Eskom made a profit of R1.3 billion in the six months to 30 September 2019.
The ailing state-owned power producer expects a loss of R20 billion for the entire year.
Its mountain of debt grew by R14 billion (to R454 billion).
The utility needs taxpayer bailouts of R138 billion in the next three years to stay afloat.
Whitfield asked him about Eskom’s results, growing debt burden and the incoming CEO, Andre de Ruyter.
We’re nearing the end of our capital projects. We should start to see the debt coming down. Some of our debt is starting to mature…Jabu Mabuza, Chair and acting-CEO - Eskom
That R4 billion write-off for Soweto… by law when the interest is more than the capital over a certain period; we have to write it off… We’re certainly not writing off debt to the same amount that we’ve written off last year… At this rate, by next year, there’ll be about R30 billion debt [unpaid by municipalities] … We have every intention to collect and cut out those people who don’t pay us.Jabu Mabuza, Chair and acting-CEO - Eskom
Andre is the most suitable, willing and able of all the candidates. We had 142 people who applied… Of those, we ended up with six [shortlisted candidates] – of which four were white males… Andre came out tops…Jabu Mabuza, Chair and acting-CEO - Eskom
For crying out loud! He left a job that was paying him more! He’s taking less [salary] than the last three CEOs… in the interest of serving his country.Jabu Mabuza, Chair and acting-CEO - Eskom
Listen to the interview in the audio below.
Enjoy The Money Show, but miss it sometimes?
Get the best bits emailed to you daily, right after it ends:
This article first appeared on 702 : You better sit down for this… Eskom made a profit!
Since it launched in May, the scheme's helped only 6.6% of businesses it targets. Will recent changes lead to improvement?Read More
Branding expert Andy Rice explains why NetFlorist's radio campaign is his advertising hero of the week.Read More
The Money Show's Bruce Whitfield interviews Eskom's Linda Mateza about the once-off payment to its pensioners.Read More
Lungisa Fuzile (former National Treasury DG) tore into former minister Des van Rooyen's performance and choice of advisers.Read More
"Only politically connected women will benefit," warns DA Chief Whip Natasha Mazzone.Read More
You may possess 1.2kg of dried dagga (kind of), and it’s fine to smoke in your car (kind of), says Paul-Michael Keichel.Read More
Studies across the world and industries consistently show women-entrepreneurs have a better risk profile, says Janeesha Perumal.Read More
Businesswoman and social media influencer Zari Hassan scooped the One Africa award for Social Media and Business Innovation.Read More
Local sanitaryware brand, Cobra, is equipping young women with useful plumbing skills that will make them more employable.Read More
WhatsApp has launched a new feature that gives users the ability to cross-check those "viral" messages forwarded on the chat platform.Read More