Umgeni Water posts R1.2 billion surplus

[schumi]

Durban - Umgeni Water gave itself a pat on the back on Thursday after it's annual results showed that the water board had amassed a surplus of R1.2 billion during the 2017/18 financial year

Ziphozethu Mathenjwa, chairperson of the Umgeni board told the media that the board was now in a position to roll out projects and create jobs.

“We did very well and we won’t be seeking a bailout. In this financial year 2018/19 we have set aside R1.5 billion for projects creating hundreds of jobs. R500 million will go directly to rural projects, an indication that we look after our customers and citizens. The strength of our balance sheet will allow us to go to market,” Mathenjwa said.

The presentation was particularly significant and the focus is on the record profit/surplus that has been posted by Umgeni Water and how the money will be spent.

More at: https://www.iol.co.za/dailynews/umgeni-water-posts-r12-billion-surplus-17636690

 

[Pitbull]

Surplus, aka we charged too much...

 

[Praemon]

Another government institution flushing our money down the drai.... wait, what? They actually managed to make a profit?! Well, good on them.

 

[SirFooK'nG]

hahahaha.... wait for next year, the switch-over to the new West Aqueduct system has caused huge pressure issues in the upper highway areas... there are weekly water outages due to burst pipes.... All the old pipes cant handle anymore. Residents are having to put pressure regulators at their homes. In my area the pressure to the house can be as high as 11 bar ....

this one is 9 Bar