Eskom reveals after-tax loss of R55 billion for 2023/2024 financial year
However, Eskom executives insist its qualified audit does not reflect what’s happening in the business at the present moment.
One of Eskom's 15 coal-fired power stations. Picture: Ashraf Hendricks/GroundUp
CAPE TOWN - More than 300 days of load shedding, high diesel costs, and rampant electricity theft have been cited as among the reasons for Eskom’s R55 billion loss after tax in 2023.
The power utility estimates more than two million people are not paying for electricity owing to illegal connections.
Tabling its latest financial statements on Thursday, the power utility, however, insisted the business was on an upward trajectory, and was well on its way to turning a profit when the current financial year ends in March.
In a year when consumers were paying 18% more for electricity, it did not reflect positively on Eskom’s balance sheet.
ALSO READ: Eskom posts pre-tax loss of more than R25bn for 2023/2024 financial year
Some 329 days of load shedding resulted in diesel costs of almost R34 billion to run open-cycle gas turbines.
The power cuts also cost Eskom R22 billion in lost revenue, while electricity theft reduced revenue by a further R23 billion.
Eskom chief executive Dan Marokane said there were no excuses for the poor performance.
“The good and the bad of these results, we own them. They are our results. They are part of our story. They are part of our journey and we hope that in due course as we add more pause to them, we begin to see the recovery path unfolding.”
Chief financial officer Calib Cassim said nine months into the current financial year, this situation had already dramatically changed.
"In the outlook we do see Eskom being profitable, going forward."
The power utility expects to turn a R10 billion after-tax profit in the 2025 financial year.