General Manager of the island sole electricity provider, Dominica Electricity Services Ltd. (DOMLEC), Bertilia McKenzie, revealed that despite a challenging year, the company experienced a 4.2 percent increase in electricity sales in 2015.
However, she revealed that the company experienced a drop in profit or net income of $12.29-million, as compared to the $14.8-million in 2014.
She blamed the increased taxation for the drop in profit.
“The profit in the year before, in 2014, was higher,” she stated. “One of the things is that our net income [in 2015], before tax, was higher, but the tax was higher. We paid more tax in 2015 than we did in 2014.”
Income before taxation in 2015 was $16.8-million, while it amounted to $16.5-million in 2014. However, in 2014, tax summed up to $1.6-million, but was $4.5-million in 2015.
She cited the lowered price of fuel and the decreased fuel surcharge as contributors to the increased figures before taxation.
“The price of fuel went down, and the fuel surcharge continued to go down in the year… When the fuel surcharge is less, people consume more electricity, because it’s cheaper,” she explained.
Meantime, McKenzie announced that the company plans to become a fully “clean and green” utility, by 2025.
“We intend to become a 100 percent Clean and Green utility by 2025,” she said. “That means to say that the supply of electricity will come from 100 percent renewable sources.”
Currently, however, 24 percent of DOMLEC’s installed capacity is hydroelectricity, while 76 percent of the capacity remains fuelled by non-renewable resources.
Would everybody be happy if Domlec was barely making it? or going under? Seems that persons are happy when businesses are barely making it…go above that it is a problem. People these profits go right back to sustaining the 100 million dollar investment which sustains your power night and day. All you were well glad when Domlec restored all you lights within little time and many of you gave kudos.!!.. Let the company do it’s job…toneh man!!…
In a poor country Domlec is all about profit profit profit, where is your sense of patriotism, you people are sick. No different than those greedy African governments with their countries’ resources.
Look what Domles has done to the country’s hydro electricity production. It’s sickening, bordering on treason.
God help our people living on, and the country called Dominica.
Ya, blame the Gov’t with these cooked up figures. Where do all the insurance claim $’s due to Erica facture in Domlec?
She really said that? READ AND TELL ME. SMH. I`M A FIFTH GRADER??????
Within 9 years you plan on being fully clean and green? I doubt that!
You and your negativity. Hope you will be alive then.
Dominica is a very exceptional place. DOMLEC still has the audacity to say that there was an increase in sales buy the profit margin dropped because of taxes. Dominicans this is 25% of our money being invest in a company that keep ripping off our hard earn$$$. You invest in a company and your return on investment is to pay the operating cost and increase the profit margins. In a monopolistic environment as DOMLEC operates their profit’s should be controlled. Again our DUMB GOVT, allow them to put it on the stock exchange. All these exorbitant energy cost deter investors from our shores. The people should hold DSS accountable for their life contributions
So the taxes on electricity was increased 280% on one year?
That is insane. What happens when the cost of fuel goes up? So consumers will be hit with higher surcharges and higher taxes? Make no mistake, Domlec will want to protect their margin even in the face of higher fuel cost.
In effect the government took the benefit of lower fuel cost for themselves. But you cannot have taxes bouncing up and down like a yoyo depending on the cost of fuel. The company has to be able to plan and that include knowing what taxes are going to be from year to year.
I don’t like the fact that these ……. are sucking Dominicans money out of the country! Domlec should be nationalised, this $12.29-million should in the governments hands!!!!
In the Government hands! To do what with? There is nothing being done with the Monies they already have.
You need to mention the dividends to shareholders – very important