Businessman Patrick Bitature has been re-elected as the board chairman of electricity distribution company Umeme. Bitature was re-elected during the company’s 9th annual general meeting at Kampala Serena Hotel on Thursday, May 06, 2021.
He was first elected the chairman of the company’s board in 2007.
During the meeting, a dividend of sh12.2 per share was proposed and approved by the shareholders. This is a decline from sh85.7 per share that the company paid out last year for 2019.
This will translate into the company paying a total of sh19.8 billion in dividend for the financial year ended December 2020.
Bitature explained that the determination of sh12.2 per share as the dividend was based on the company’s financial performance, its financial position and effects of COVID-19 that saw the demand for electricity fall and an increase in losses.
According to the financial statement, the company’s net profits reduced by 69% to sh43.1b last year from sh139.2b in 2019. Its gross revenue decreased 7% from sh1.777 trillion in 2019 to sh1.661 trillion in 2020.
Patrick Bitature is a Ugandan businessman and entrepreneur and believed to be the second wealthiest Ugandan after Sudhir Ruparelia. He is the chairman of Simba Group of Companies, an East African conglomerate, with interests in telecoms, energy production, mining, media, real estate, travel, and leisure.