KAMPALA – National Water and Sewerage Corporation (NWSC) has revealed that the assets of the entity have hit the Shs1.750 Trillion mark up from Shs650b recorded five years back.
The announcement was made yesterday by the NWSC Managing Director, Eng. Silver Mugisha during a press briefing where he revealed that the Corporation was in a very stable financial position capable of attracting market financing having been given a credit worthiness rating of AA+ by South Africa’s Global Credit Rating Company.
The Corporation’s performance also indicates that the number of towns served increased from 24 to 250, and the same increment was recorded in water service coverage in town councils and municipalities that increased from 77% to 85%.
Yet still, NWSC’s rate of pipe extensions has increased from 100Kms to 2700Kms, while the number of water connections has increased from 300,000 to 620,000, while funds available for capital investments has moved from Shs30Bn to Shs92Bn and water network length has increased from 6,500Kms to 17,000Kms.
The development comes at the time when the Auditor General, John Muwanga NWSC as one of the most profitable entities in Uganda.
In the December 2018 Audit report, Muwanga noted that Government owns shares in a number of State Enterprises which are independently managed and are supposed to operate efficiently, make profits and pay dividends to Government.
According to the report, National Water and Sewerage Corporation collected Shs51,188,903,000 up from Shs26,711,133,000 in 2017, Bank of Uganda made Shs 424,113,000,000 as compared to Shs95,982,000,000Bn made in the previous financial year, while National Social Security Fund collected Shs240,444,091,000 up from Shs11,003,211,000 that was recorded in in 2017 as well as Pride Micro Finance that made Shs16,496,928,000 up from the Shs15,046,452,000 recorded in 2017 while Post Bank Uganda Limited registered a growth of Shs6,204,064,468 from Shs5,061,961,867Bn in 2017.