KAMPALA (Reuters) -Ugandan private power company Umeme Limited made a pre-tax loss of 602.7 billion Ugandan shillings ($167 million) last year, it said on Friday, as it made large provisions for the end of its distribution concession.
The firm's monopoly right to distribute power in Uganda ended in March after the government refused to renew its concession, saying it had been slow to expand connections and lower prices for consumers.
Umeme received $118 million in compensation for unrecovered investments, but it argues it should have been paid more and the dispute has been referred for arbitration in London.
It made provisions for the revaluation of assets on its balance sheet and the treatment of the disputed buyout amount, among other things, Umeme said in a results statement.
In 2023 Umeme made a pre-tax profit of 15.4 billion shillings.
($1 = 3,600 Ugandan shillings)
(Reporting by Elias Biryabarema;Editing by Alexander Winning)
