PHED Makes Profit of N6.3bn Revenue in May 2023
In what is considered a rare situation with electricity management in Nigeria, The Port Harcourt Electricity Distribution Plc, PHED, has recorded revenue of N6.3billion from electricity bills collection in the month of May 2023, the highest revenue collection ever in its history.
The N6.3billion revenue according to the Port Harcourt Disco, represents 71 percent increase in collection efficiency as against 66 percent in collection efficiency of the previous month of April 2023, a new milestone in its performance.
In the wake of the new milestone, the Managing Director and Chief Executive Officer of PHED, Dr Benson Uwheru, has maintained that the company will continue to raise the bar in service delivery by investing massively in infrastructure and other service-related operations.
Uwheru affirmed that it was a new dawn in PHED, as the management will not relax on her laurels, while commending the entire workforce for their creativity, innovation, and willingness to go extra miles in service delivery.
He also admonished staff on the need to work hard in order to sustain and surpass the new milestone, saying that success was not only measured by revenue, but by many other indices.
Meanwhile, PHED Head, Corporate Communications, Olubukola Ilevbare, in a statement sighted by our correspondent, recalled that the company’s collection stood at N4.6billion when the Managing Director, Dr Benson Uwheru, took over the reins of affairs last year.
Ilevbare explained that upon assumption of office on July 5th, 2022, the PHED boss swiftly moved to transform the company by improving the revenue position, reducing losses, strengthening corporate governance, reward outstanding performance and other customer-oriented initiatives.
Other milestones recently achieved by the company include, “revenue per unit recorded a steep move to N36.29 from N33.76 representing an increase of 2.53percent.
“Available data also indicates that the Aggregate Technical, Commercial & Collections losses, ATC& C, which the industry benchmark for measuring reduction in overall losses pegged at 41percent with a marginal variance of 3 percent from the set target of 38percent for 2023,” Ilevbare said.
