Eskom, South Africa's state-owned utility, reported a $3 billion loss amid power cuts and suspected corruption.

South Africa's state-owned utility Eskom reported a $3 billion loss for the fiscal year ending March 2024, despite a 14% increase in revenue. Sales volumes dropped by 3%, and the company implemented power cuts on 329 days. Eskom also faced challenges including suspected corruption and a delay in reporting results. Despite these issues, the company anticipates turning a profit by March 2025.

3 months ago
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