UEGCL posts Shs161b profits
This was an improved performance compared to the Shs66b that the agency posted in the 2018/19 financial year.
The growth in profits was largely attributed to commercial operations at Isimba Hydro Power Plant which generated Shs125b worth of electricity sales.
A new report by Uganda Electricity Generation Company Limited (UEGCL) has indicated that company made Shs161b in profits between March and December.
This was an improved performance compared to the Shs66b that the agency posted in the 2018/19 financial year.
The growth in profits was largely attributed to commercial operations at Isimba Hydro Power Plant which generated Shs125b worth of electricity sales.
The report also indicates that UEGCL forecasts its market share of installed capacity to increase from 45 per cent currently to 61.8 per cent as at June 2021.
“Earnings before interest tax, depreciation and amortisation increased to Shs111b from Shs40b in 2019, the reads in part.
However net profit dropped to Shs2.8b from Shs24.8b in 2019, representing a significant decrease of Shs22b towards repayment of on-lent loan for Isimba dam and foreign exchange loss of Shs15b due to volatility of local currency.
Total assets as at June 30 were Shs7.1 trillion an increase of about Shs383b from Shs6.7 trillion posted in 2019, resulting from the increase in assets due to work in progress at Karuma dam and acquisition of Isimba.
Borrowing stood at Shs5.8 trillion in 2020 compared Shs5.4b due to accrued principal and interest on loans advanced by Export-Import Bank of China for development of Karuma hydro power dam and Isimba.
