National power producer revenue hits sh492b, profit drops
Despite the revenue outturn, the company registered a decline in its profit after tax (PAT), standing at sh25b, a reduction from sh54.2b registered in the previous year.
Ruth Nankabirwa (fourth right), the Minister of Energy and Mineral Development, with UEGCL board members after the annual general meeting at the finance ministry in Kampala on Thursday.
KAMPALA - The company has recorded a 40% growth in its revenue during the financial year 2024/25, ending June 30, 2025.
This is contained in the company’s annual report covering the period under review.
Uganda Electricity Generation Company Ltd (UEGCL) is one of the three successor companies established after the disbandment of the defunct Uganda Electricity Board.
The company is charged with generating electricity in the country.
It currently operates six electricity generation facilities with a total installed capacity of 1,220 megawatts. These facilities include Karuma, Isimba, Kiira, Nalubaale, Namanve Nyagak III and Maziba.
The company’s annual report indicates that UEGCL’s revenue grew by 40.5% to sh492.34b in FY2024/25, up from shsh350.6b recorded in FY2023/2024.
This, according to the company board chairperson, Eng. Proscovia Njuki was due to an increase in the energy sales from the generation facilities, majorly Karuma, whose commercial operations commenced in June last year.
The company’s earnings before interest, tax, depreciation and amortisation increased by 63% to sh295b in FY2024/25 from sh181b in the previous year, due to an increase in revenue.
Profit before tax was recorded at sh33b in the period under review, a 57% decrease from last year’s sh77b.
Despite the revenue outturn, the company registered a decline in its profit after tax (PAT), standing at sh25b, a reduction from sh54.2b registered in the previous year.
This decline was attributed to higher operating expenses, increased depreciation, and interest obligations arising from the Karuma on-lent loan.
Nonetheless, the shareholders’ equity increased by 62% to sh1.54 trillion in the year under review from sh949b recorded in the previous year.
In a statement, Njuki said the growth in shareholders’ equity to sh1.54 trillion followed the government’s conversion of the shsh566b in accrued interest on the Karuma loan into equity.
This intervention, she explained, enhanced the company’s solvency and long-term financial sustainability.
Asset performance
The financial year 2024/25 marked the sixth year of the company’s operations of the 183 MW Isimba HPP.
The report indicates that the Isimba plant averaged plant availability and reliability of 97.64% and 99.85%, respectively.
“The average declared capacity was 164.75MWh, and the average actual dispatch was 121.20MWh, resulting in a plant factor of 66.32%,” the report partly reads.
While Karuma recorded a year-to-date plant availability and reliability of 98.68% and 99.3% respectively, the Auditor General, in his report about the performance of the company’s financial statements, identified low dispatch from the 600MW Karuma plant that was commissioned last year.