“In the next financial year the forecast we are looking at as we go into our tariff discussions is above R1.5bn. Post that period, we are also looking at generating surpluses at around the same number,” said Mkhize.
Umgeni Water reported yesterday that in the 2018/2019 financial year the entity made a profit of R1.4bn.
Thami Hlongwa, Umgeni Water’s chief executive, said the profits would be used to implement key infrastructure projects to ensure water resource security. At this point, R1.36bn had been committed for the 2019/2020 financial year.
Of this amount, more than R405 million would be spent on rural development projects.
For the year under review, the entity reported that its revenue totalled R3.524bn, which showed an increase of 22 percent (R636m) from the prior year.