JOHANNESBURG - Power utility Eskom has confirmed Calib Cassim as permanent chief financial officer (CFO) after acting in the role for 16 months following the suspension and subsequent resignation of Anoj Singh, chairman Jabu Mabuza said on Wednesday .
Singh resigned in January after being suspended in September 2017 over allegations he was involved in irregularly awarding contracts to Gupta-linked businesses, and also received gifts and trips from the controversial family.
Cassim, a qualified chartered accountant, will lead and oversee the company’s financial strategy. In his permanent role at Eskom, Cassim will be the general manager for financial planning and economic regulation responsible for price application for electricity prices to the National Energy Regulator of South Africa (Nersa).
Delivering the power utility's interim results for the period ended September 30 on Wednesday, Cassim said the turnaround of Eskom would not happen overnight, with the company's financial situation only expected to improve by 2023.
Cassim said Eskom was in a debt reliant liquidity situation that had resulted from low tariffs, a decline of 0.8 percent in sales volumes year-to-date, primary energy and employee benefit costs increasing, and a continuing build programme.
"Most of Eskom's financial ratios have deteriorated, and are expected to worsen in the next six months. Revenue was marginally up by three percent to R98.1 billion, up from R95.5 billion in the same period last year, but net profit plunged 89 percent to R671 million, down from R6.3 billion last year," Cassim said.
- African News Agency (ANA)