Out of the vision endorsed by EDCO to achieve excellence in providing the consumers with electric energy, and upgrade its performance to the maximum standards, in order to enhance its competitiveness and attain relevant financial revenues, the Company was able, in the seventh year of its existence, to continue providing its supply area consumers with electric energy along with the maximum standards of efficiency and quality on one hand, and attain relevant financial profits in reliance on its own resources on the other.
Within this context, this report shows the most important achievements of the Company in the technical, administrative and financial fields during 2005. These achievements were a result of the strenuous efforts made by the Company's administration, embodied in the Board of Directors, the Director General, in addition to its entire staff. These efforts aimed to upgrade the Company's standards, achieve its general goal, develop its performance and set the strategies and executive programs.
Through executing various projects, EDCO could raise its assets in 2005 to JD (166.4) million against JD (162.7) million in 2004. The Company's profits in this year were affected by adjusting the electric tariff which was sanctioned by the Electric Sector Regulatory Commission on 9.7.2005. This adjustment contributed to decreasing the Company's profits to JD (253) thousand. Its net profits (before taxes) came down to JD (155) thousand against JD (1192) thousand in 2004.
In the technical field, EDCO continued its efforts to meet the growing demand for electric energy in its work sites, which was characterized by unexpected growth rate. The growth rate of purchased energy in 2005 exceeded the previous years rate by 10%.
The volume of works and technical achievements in 2005 rose to record and distinguished levels which were the highest in 2000-2005, either with regard to the lengths of medium or low voltage networks, synthesized substations and peak load growth. These levels were also the best in regard to the outage rates which came down from about (11-14) hour/consumer during the previous years to 10.6 hour/consumer in 2005. This was due to the strategy laid to decrease the electric outages in its different supply areas.
On the administrative level, EDCO continued its efforts to increase staff competencies and productivity, to control new replacements, to rely on its own resources to meet the emerging and expanding needs of manpower, and to improve the state of facilitating services to enhance productivity and the services provided to consumers.
It is hoped that EDCO will achieve more successes in the process of its progress to reach the ranks of the distinguished public facilities on commercial bases and within an occupational perspective which complements the process of social and economical development of our dear country.