EDCO Sees Record Profits as Digital Transformation Powers Growth

EDCO has revealed a healthy profit for 2024, raking in JD15 million net after tax, up notably from JD10.55 million the previous year, according to recent financial statements shared during their latest general assembly. With total company assets sitting comfortably at around JD972 million by year's end, compared to JD792 million a year earlier, it's clear this has been a year of significant growth.

At the annual gathering attended by EDCO Chairman Hazem Rahahleh and General Manager Reem Hamdan, much was made of the company's efforts in keeping our homes and businesses reliably lit. Rahahleh emphasised the vital role electricity continues to play across numerous sectors, highlighting that an uninterrupted supply remained at the heart of EDCO’s strategic priorities. He mentioned the company's efforts to cut outages and meet regulator-set standards had borne fruit, evident in their improved figures.

Shareholders clearly shared the enthusiasm, unanimously agreeing to boost the company's capital from JD21 million to JD25 million. Their added investment will come from retained earnings, providing shareholders with free additional shares proportionate to their current holdings. A few tweaks were also made to the company's articles of association and related by-laws, taking into account this capital bump.

It's been a big year too for EDCO’s push into digital transformation—something that caught the eye of more than just tech enthusiasts over at Arageek. They've deployed the SAPS/4HANA enterprise planning software system, a massive step forward that's helping them make decisions faster through integrated data sharing. Alongside this, the company is busy refining its HR systems and pumping more energy into automating internal processes to keep staff engagement high.

On top of their tech drive, EDCO opted for the Intalio platform to handle e-correspondence, cutting paperwork and speeding up interactions—no more battling with mountains of paper stacked precariously on desks. To fend off potential digital intrusions, they've invested too in a dedicated cybersecurity squad, bolstered by a state-of-the-art cybersecurity operations hub and advanced SIEM systems.

For customers, life got easier with EDCO’s launch of a shiny new smart subscriber application, as well as a 24/7 automated response centre (just call 113 anytime)—perfect for sorting issues promptly instead of listening to hold music indefinitely. Improved subscriber service centres, sporting the company's newly-designed corporate identity, certainly added a sleek touch to customer experience. The result? A tidy 0.5% drop in electricity loss and an impressive uptick in bill collection rates—now surpassing 100% from regular subscribers, suggesting they've caught up significantly on past arrears.

Chairman Rahahleh reaffirmed EDCO’s determination to keep pace with global progress, transitioning towards an even smarter utility network through cutting-edge infrastructure. This, he maintained, was vital not only for keeping the lights on but also in supporting the national economy and bolstering Jordan’s productive and service sectors.

General Manager Hamdan was quick to credit EDCO's success to the team’s strong spirit and dedication. Highlighting how this year’s digital innovations—like the widely praised SAPS/4HANA system, smart apps, and round-the-clock customer support—have significantly improved hairolder communication, she proudly described the company’s ambition to become a comprehensively digital entity. It's a journey we're sure Arageek’s readers will continue watching with interest.

🚀 Got exciting news to share?

If you're a startup founder, VC, or PR agency with big updates—funding rounds, product launches 📢, or company milestones 🎉 — AraGeek English wants to hear from you!

✉️ Send Us Your Story 👇

https://en.arageek.com/send-us-your-story-or-a-news-tip