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!
We feel like we've run out of positive sentiment - but this is what it's really about.Read More
Even people born after 1990 will probably know this ad.Read More
An advertisement for a Mahindra XUV was voted extremely irresponsible considering local accident levels.Read More
Young entrepreneur Alexandria Procter created DigsConnect, Africa's largest student accommodation marketplace.Read More
Mines halted operations as Eskom asks for 20% power savings. Uncertainty of when blackouts will happen is a main issue.Read More
DigsConnect has everything from high-end apartments to cheap flats close to university campuses, says Alexandria Proctor.Read More
Is it fair? Geoff Jacobs (Cape Chamber of Commerce and Industry) reckons it is and commends the City of Cape Town for doing so.Read More
We feel powerless (and we are, literally!) but we can always laugh.Read More
In South Africa, those lucky enough to have jobs work themselves to death, according to Our World in Data (University of Oxford).Read More
Refilwe Moloto says the negative outlook for SA in 2019 from investors speaks to a Cabinet not in control of the economy.Read More