Gabon’s SEEG records positive result for 2018

The Gabonese Energy and Water Corporation (SEEG) validated, at its annual general meeting, the results of the financial year 2018. After a deficit year in 2017, the company returned to the profits amounting to 219 million CFA francs (approximately $ 370,000).

However, despite this positive result, shareholders will not receive dividends. They have, in fact, decided after voting to allocate this additional resource to the free reserves. The latter now amount to 18.7 billion CFA francs ($ 31.5 million).

“All shareholders have decided to support us to ensure that the company continues to work in acceptable conditions, because the challenge we have, which is to provide water and electricity to all the population Gabonese, is extremely important, “ said Pierre Sockat, Chairman of the Board of Directors of SEEG.

Overall, the organization’s turnover increased by 5.2% compared to 2017 while its gross operating surplus decreased by 64% to 11.3 billion francs.

 

Source: Agence Ecofin

Share

SUBSCRIBE TO LATEST ENERGY NEWS

Read the latest energy industry news and researched articles
for oil and gas, power generation, renewable energy, events and more...