PHED’s revenue hits N6.3bn in May

The Port Harcourt Electricity Distribution Company (PHED) said on Thursday that it generated N6.3 billion revenue in May as against N4.6 billion in the preceding months.

The Head of Corporate Communication, Olubukola Ilevbare, who disclosed in a statement in Port Harcourt, said that the company’s revenue grew by 71 per cent.

He said the month’s revenue was the highest collected by the company since it began operation in 2012.

“The new milestone in PHED’s performance culminated into the highest revenue collection ever in the company’s history.

“The latest milestone in performance was recorded in the month of May 2023 with corresponding revenue of N6.3 billion that denotes a 71 per cent increase in collection efficiency.

“This new revenue collection grew from the 66 per cent collection efficiency of the previous month of April 2023,” he said.

Ilevbare attributed the growth to the dynamic and focused leadership of PHED’s Managing Director, Dr Benson Uwheru.

“The company’s collection stood at N4.6 billion when the Managing Director took over the reins of affairs in July 2022.

“Other performance variables like revenue per unit, recorded a steep move to N36.29 from N33.76, representing an increase of 2.53 per cent.

“The Aggregate Technical, Commercial and Collection (ATC & C) losses pegged at 41 per cent had a marginal variance of three per cent from the set target of 38 per cent for 2023,” he added.

He said that PHED’s Managing Director, upon assumption of office, vowed to improve the company’s revenue, reduce ATC & C losses, strengthen corporate governance, reward outstanding performance and ensure other customer-oriented initiatives.

Ilevbare gave the assurance that the company would continue to raise the bar in service delivery by investing huge funds in infrastructural development and other service related operations.

“The company will not relax on her achievements because success is not only measured by revenue but by other indices.

“So, while commending our workforce for their creativity, innovation and willingness to go the extra mile, I urge them to work hard to sustain and surpass the new milestone,” he said.