EDCO has recorded an impressive 42% increase in net profit, ending the year 2024 with JD15 million in net profit after tax, up from JD10.55 million in the previous year. This noteworthy financial achievement underscores the company’s robust operational strategy and commitment to growth. Additionally, the company’s total assets have surged significantly, reaching JD972 million by the end of 2024, compared to JD792 million at the close of 2023. During an ordinary and extraordinary general assembly meeting, attended by EDCO Chairman Hazem Rahahleh and General Manager Reem Hamdan, the assembly unanimously approved a strategic increase in the company’s capital. The capital has been raised from JD21 million to JD25 million, achieved by distributing JD4 million in free shares sourced from retained earnings, fortifying the company’s financial foundation for future projects.
Significant Advances in Digital Transformation
EDCO’s commitment to modernizing its operations is evident in its substantial strides in digital transformation throughout 2024. One of the notable advancements is the adoption of an enterprise resource planning (ERP) system via the SAPS/4HANA platform. This advanced system seamlessly integrates data across various functions, accelerating the decision-making process and enhancing operational efficiency. In conjunction with the ERP system, the company has also upgraded its human resources management system, automating numerous processes to foster higher employee engagement and productivity. The adoption of these sophisticated digital solutions is a pivotal part of EDCO’s strategy to become a fully digital institution, offering efficient, responsive, and customer-centric services.
Furthermore, the company has implemented the Intalio platform, aimed at enhancing internal communication and significantly reducing paper usage, aligning with its e-governance objectives. By leveraging such advanced platforms, EDCO is setting a precedent in the industry for sustainable and efficient operational practices. These digital initiatives represent a qualitative leap in the company’s operations, underscoring its commitment to leveraging technology for enhanced service delivery and operational excellence.
Enhanced Cyber Security and Customer Services
In a bid to bolster its digital infrastructure, EDCO has established a specialized cyber security unit equipped with state-of-the-art systems. This includes the implementation of a cyber security operations center and Security Information and Event Management (SIEM) systems, which are critical in protecting sensitive data and ensuring the company’s digital readiness. These measures are a testament to the company’s proactive approach in safeguarding its digital assets amidst the growing threat landscape.
In addition to strengthening its cyber security framework, EDCO has also launched several customer-focused initiatives. These include the introduction of a smart electronic subscriber application and the establishment of a 24/7 unified automated response center. These initiatives are designed to enhance service delivery and reduce response times, thus significantly improving the overall customer experience. Modernization efforts have not only extended to digital platforms but also include upgrades to subscriber service and field offices. These efforts have already borne fruit, resulting in a measurable 0.5 percent reduction in electricity loss and surpassing a 100 percent collection rate for regular subscribers’ bills.
Future Outlook and Strategic Vision
EDCO’s leadership, under the guidance of Hazem Rahahleh and Reem Hamdan, has reaffirmed its commitment to operational efficiency and the implementation of smart utility frameworks. The company’s vision of evolving into a fully digital institution is driven by the dedicated efforts of its employees towards continuous improvement and innovation. The digital initiatives such as the SAPS/4HANA platform and the automated response center have significantly uplifted service quality and communication, marking a significant milestone in the company’s strategic direction.
Rahahleh and Hamdan applauded the employees for their relentless dedication to driving these transformative initiatives. They emphasized the company’s ongoing commitment to leveraging technology to deliver efficient, responsive, and customer-focused services. These efforts not only support the national economy but also ensure that EDCO remains at the forefront of technological progress in the utility sector.
Conclusion and Path Forward
EDCO’s commitment to modernizing its operations is highlighted by its significant advancements in digital transformation throughout 2024. A key innovative step is the adoption of an enterprise resource planning (ERP) system using the SAPS/4HANA platform. This state-of-the-art system integrates data across various functions, speeding up decision-making and boosting operational efficiency. Alongside the ERP system, EDCO has upgraded its human resources management system, automating many processes to enhance employee engagement and productivity. These sophisticated digital solutions are central to EDCO’s strategy of becoming a fully digital institution, delivering efficient, responsive, and customer-focused services.
Additionally, EDCO has implemented the Intalio platform to improve internal communication and reduce paper use, aligning with its e-governance goals. By utilizing such advanced platforms, EDCO is setting a new standard in the industry for sustainable and efficient operations. These digital initiatives represent a substantial leap in the company’s functioning, reinforcing its commitment to using technology for superior service delivery and operational excellence.
