UEGCL Reports Strong Financial Performance at 14th Annual General Meeting
On Wednesday, January 22nd, the UEGCL Board of Directors and Top Management convened a meeting to present the audited financial accounts for 2023/2024 to the company’s shareholders. Among those in attendance were the Honourable Dr. Canon Ruth Nankabirwa, the Minister of Energy and Mineral Development, and Hon. Matia Kasaija, the Minister of Finance, Planning, and Economic Development.
During the presentation, the Board Chairperson, Eng. Proscovia Njuki, proudly announced that UEGCL had achieved a significant milestone by maintaining profitability despite the challenges in the economic landscape. The company posted an impressive net profit of UGX 54.28 billion, marking a remarkable 60% increase over the previous financial year. This extraordinary financial performance underscores UEGCL’s effective business strategies and operational efficiencies.
Eng. Njuki highlighted that this substantial growth can be attributed to several key factors, including the diversification of revenue streams and a concerted effort to reduce administrative expenses without compromising service quality. Additionally, she noted the successful mobilization of UGX 133 billion, which helped the company meet its debt obligations for the Isimba Project, a critical infrastructure initiative harnessing 183 megawatts of hydroelectric power. Moreover, UEGCL reported a noteworthy 9.1% growth in total assets, bringing the company’s asset value to an impressive UGX 8.4 trillion. This increase in assets reflects the organization’s commitment to strategic investment and sustainable development, positioning UEGCL as a leader in the energy sector amidst a dynamic market.
