Jabu Mabuza, chairperson of the Eskom board. File picture: Nokuthula Mbatha/African News Agency (ANA)

JOHANNESBURG – Eskom on Tuesday announced a whopping R20.7 billion net loss after tax for the financial year ended 31 March, up from R2.3 billion the previous year, the biggest financial loss for corporate South Africa in years. 

Eskom chairperson and interim chief executive Jabu Mabuza said the losses for this financial year were not a reflection of the outgoing chief executive Phakamani Hadebe's performance, but rather a combination of various unavoidable factors. 

"Today, Eskom releases results that, while expected, are unfavourable. The organisation disappointingly incurred a net loss after tax of R20.7 billion, a significant increase from the R2.3 billion loss experienced in the previous year coupled with an audit qualification on PFMA compliance," Mabuza said. 

"With this being Phakamani's [Hadebe] last results presentation, I would rather ask him to later give a detailed account of the results being a reflection point for his tenure at Eskom. By that, I by no means suggest that these unfavourable results are a sum total of his performance. In fact, far from it."

"The board of Eskom is mindful that our challenges cannot be solved in isolation, and neither can they be solved overnight. These require a partnership approach from all stakeholders where difficult choices have to be made with the aim of achieving sustained success."

Before Hadebe made his presentation, Mabuza added that the Eskom board was committed to implementing its turnaround strategy. 

African News Agency (ANA)