The management of Port Harcourt Electricity Distribution PLC said the company recorded the highest revenue collection of N6.3 billion in May 2023 across its four mandate states.
The power distribution firm said N6.3 billion denotes a 71 per cent increase in collection efficiency as against 66 per cent in collection efficiency in April 2023 in Rivers, Bayelsa, Cross River and Akwa Ibom states.
This was contained in a statement issued at the PHED Plc headquarters in Port Harcourt and signed by Olubukola Ilevbare and made available to newsmen.
The statement said the company’s collection stood at N4.6 billion in July 2022.
The statement read, “Other performance variables like the revenue per unit recorded a steep move to N 36.29 from N33.76 representing an increase of 2.53 per cent.
“Available data also indicates that the Aggregate Technical, Commercial and Collections losses, which the industry benchmark for measuring reduction in overall losses, pegged at 41 per cent with a marginal variance of three per cent from the set target of 38 per cent for 2023.”
It explained that upon assumption of office on July 5, 2022, as the Managing Director/Chief Executive Officer, Dr Benson Uwheru made a vow to transform the company by improving the revenue position, reducing Aggregate Technical, Commercial and Collections losses, strengthening corporate governance, reward outstanding performance and other customer-oriented initiatives.
The statement quoted the MD, Dr Benson as saying the company will continue to raise the bar in service delivery by investing massively in infrastructure and other service-related operations.
He affirmed that it was a new dawn in the company as the management will not rest on its laurels and commended the entire workforce for their diligence, creativity, innovation and willingness to always put in their best for effective service delivery, urging them to sustain and surpass the new milestone.