The Port Harcourt Electricity Distribution (PHED) Plc has reached a significant milestone in its performance by achieving a remarkable revenue collection of N6.3 billion in the month of May 2023.
This outstanding accomplishment marks the highest revenue collection ever recorded in the history of the Port Harcourt Disco. The announcement was made yesterday through a statement signed by Olubukola Ilevbare, the Head of Corporate Communications at PHED, who quoted the Managing Director, Dr. Benson Uwheru.
The statement highlighted that this remarkable performance was achieved in May 2023, with a corresponding revenue of N6.3 billion. It signifies a substantial increase of 71 percent in collection efficiency compared to the previous month of April 2023, which had a collection efficiency of 66 percent.
Since assuming leadership of the disco in July of the previous year, Uwheru has overseen significant progress. The company’s collection stood at N4.6 billion when he took over the management.
Moreover, other performance indicators, such as revenue per unit, experienced a notable increase of 2.53 percent.
Data also revealed that the Aggregate Technical, Commercial, and Collections (ATC&C) losses, which serve as the industry benchmark for measuring reduction in overall losses, were pegged at 41 percent. This represents a marginal variance of three percent from the set target of 38 percent for 2023.
Upon assuming office on July 5, 2022, Uwheru pledged to transform the company by enhancing its revenue position, reducing ATC&C losses, strengthening corporate governance, rewarding outstanding performance, and implementing customer-oriented initiatives.
Uwheru further emphasized that the company would continue to raise the bar in service delivery by making substantial investments in infrastructure and other service-related operations.
He acknowledged that this accomplishment marked a new dawn for the company, emphasizing that the management would not rest on its laurels. Uwheru expressed his gratitude to the entire workforce for their creativity, innovation, and dedication to exceptional service delivery.
Uwheru encouraged PHED staff to recognize that success is not solely measured by revenue but also by other key factors. He urged employees to maintain their hard work and dedication to sustain and surpass this remarkable milestone.
