Overview:
UEGCL Board Chairperson Eng. Proscovia Njuki said they witnessed a 60% increase in Profit After Tax and a 2% revenue increase to UGX 351 billion in FY 2023/24.
The Uganda Electricity Generation Company Limited (UEGCL) achieved a net profit of Ugx 54.28 Billion in FY 2023/24.
UEGCL Board Chairperson Eng. Proscovia Njuki said they witnessed a 60% increase in Profit After Tax and a 2% revenue increase to UGX 351 billion in FY 2023/24.
This was revealed during the company’s Annual General Meeting (AGM) on Wednesday which was also attended by Energy Minister Ruth Nankabirwa and his Finance counterpart Matia Kasaija.
“This growth was attributed to enhanced revenue streams and reduced administrative expenses. Notably, the company successfully mobilized UGX 133 Billion to meet debt obligations for the Isimba Project (183 MW) and registered a 9.1% growth in assets, reaching UGX 8.4 Trillion,” said Eng. Njuki.
The government added 600MW to the National Grid after the commissioning of the Karuma Hydropower Plant in June 2024.
According to the Annual Report of the Auditor General for the Year Ended 31st December 2024 presented to Parliament recently, Uganda Electricity Generation Company (UEGCL) was one of the government’s most profitable agencies.
UEGCL is the leading power generator in Uganda, incorporated in 2001 to take over the generation activities of the Uganda Electricity Board (UEB). The company’s primary objective is to generate electricity sustainably and efficiently, promoting socio-economic development in Uganda.
UEGCL operates several power stations, including:
- Nalubaale Hydropower Station: 180 MW capacity
- Kiira Hydropower Station: 200 MW capacity
- Karuma Hydropower Station: 600 MW capacity
- Isimba Hydropower Station: 183 MW capacity
- Namanve Thermal Power Station: capacity not specified