Misleading article regarding UMEME’s annual revenues

Claim

UMEME earns Shs6.2 trillion annual revenue

Author
Chimpreports
Verdict
Incorrect
According to UMEME, the figures are inaccurate

The article circulating online suggesting that UMEME earns a staggering Shs6.2 trillion in annual revenues is misleading.

According to an article by Chimpreports, UMEME earns Shs518 billion per month translating into Shs6.2 trillion annual turnover.

However, according to UMEME’s spokesperson Peter Kaujju, the figures stated in the article are inaccurate and misleading.

UMEME’s interim financial statements show that the company’s total revenues for the year ended December 2020, stand at Shs1.6 trillion contrary to what the article indicates.

Further, we checked UMEME’s financial statements for the previous years and discovered that the power distributor has never registered Shs6.2trillion annual revenues as suggested in the article.