You better sit down for this… Eskom made a profit!

Eskom made a profit of R1.3 billion in the six months to 30 September 2019.

The ailing state-owned power producer expects a loss of R20 billion for the entire year.

Its mountain of debt grew by R14 billion (to R454 billion).

The utility needs taxpayer bailouts of R138 billion in the next three years to stay afloat.

The Money Show’s Bruce Whitfield interviewed Jabu Mabuza, Chair and acting-CEO at Eskom.

Whitfield asked him about Eskom’s results, growing debt burden and the incoming CEO, Andre de Ruyter.

A YouTube screengrab of Eskom board chairperson Jabu Mabuza at the announcement of the power utility’s interim financial results on 28 November 2019.

We’re nearing the end of our capital projects. We should start to see the debt coming down. Some of our debt is starting to mature…

Jabu Mabuza, Chair and acting-CEO - Eskom

That R4 billion write-off for Soweto… by law when the interest is more than the capital over a certain period; we have to write it off… We’re certainly not writing off debt to the same amount that we’ve written off last year… At this rate, by next year, there’ll be about R30 billion debt [unpaid by municipalities] … We have every intention to collect and cut out those people who don’t pay us.

Jabu Mabuza, Chair and acting-CEO - Eskom

Andre is the most suitable, willing and able of all the candidates. We had 142 people who applied… Of those, we ended up with six [shortlisted candidates] – of which four were white males… Andre came out tops…

Jabu Mabuza, Chair and acting-CEO - Eskom

For crying out loud! He left a job that was paying him more! He’s taking less [salary] than the last three CEOs… in the interest of serving his country.

Jabu Mabuza, Chair and acting-CEO - Eskom

Listen to the interview in the audio below.

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