The Port Harcourt Electricity Distribution (PHED) Plc, has disclosed its revenue to N5.2 billion as against N4.3 billion in August from its franchise areas of Akwa-Ibom, Bayelsa, Cross River and Rivers states.
Making the disclosure at a parley with some key officers of the firm in Port Harcourt, the Managing Director of PHED, Dr Benson Uwheru, noted the increase in revenue collection from N4.3 billion to N5.2 billion was recorded in less than two months.
He credited the achievements to the company’s new transformation strategy and the support of the customers as well as the reduction of technical, commercial and collection losses upon resumption of office some months ago, after the Federal Government ordered restructuring at Port Harcourt Disco, repositioned it to helping drive the transformation agenda of the company.
Uwheru said: “Port Harcourt Electricity Distribution Company (PHED) is one of the 11 Discos in Nigeria and on July 5, a restructuring happened at the instance of the Federal Government. And the restructuring was to prevent what it termed as a technical insolvency of the company and that led to a new board of directors and management, designed to drive growth and development of the company.
“What that also means, is that in terms of the quality of leadership and people to drive the transformation, Port Harcourt Disco has been repositioned towards helping us to drive the transformation of our country.
“Upon resumption, we quickly got down to work by focusing on three major pillars of transformation: The first pillar was that we are aggressively growing our revenues, we reduce our losses both technical losses, commercial losses and collection losses.
“We focused on sustained growth and liquidity as we built a sustainable business. Our second pillar transformation is focused on standardisation of our process and quality control.
“Upon resumption we have hit the ground running and we have achieved quite a few milestones. We met the business at N4.3 billion bill collection by the time we took over and by the end of August 31, we have hit a new milestone in the history of our collection in PHED. A N5.2billion collection history was achieved through the help and support of our people and that is in line with our transformation agenda.”
The PHED boss listed some of the challenges faced by the company as metre by pass, equipment vandalism, corruption, among others, saying the Disco is determined to ensure better services for its valued customers and also ensure a stable network across the franchise areas.
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