Eskom Profit Doubles to R30.3 Billion Amid Sales Decline

South African power utility Eskom has reported a dramatic financial turnaround, posting a profit after tax of R30.3 billion for the financial year ended March 31, 2026. The result, announced on August 31, 2026, more than doubles the restated R14 billion profit from the previous year and marks the company's second consecutive year of profitability after eight years of losses. The improved performance was driven by a sharp focus on operational recovery and cost discipline. Eskom's energy availability factor rose to 65.16%, and the utility achieved 365 consecutive days without load shedding on May 15, 2026, although the full financial year still recorded 26 hours of the practice. A significant reduction in the use of expensive diesel-fired open-cycle gas turbines cut fuel costs by R10.6 billion, while overall primary energy costs fell by R11.5 billion. Revenue increased by 4.1% to R354.7 billion, largely supported by a 12.7% tariff increase approved by the energy regulator. However, this financial success has exposed a structural challenge: Eskom is producing more electricity while selling less of it. Electricity sales volumes declined by 6.