Uganda Electricity Generation Company Limited (UEGCL) earned a net profit of Shs34bn in the Financial Year (FY) 2022/23, Eng. Proscovia Njuki, the company’s Board Chairperson told shareholders at the 13th Annual General Meeting (AGM) in Kampala.

The AGM was attended by the Minister of Energy and Mineral Development, Ruth Nankabirwa Ssentamu, and State Minister of Finance for Investment and Privatization, Evelyn Anite.

UEGCL’s continued growth trajectory was shown by posting a growth in revenue of 63% to Shs343.7 billion from Shs 210.9 billion in 21/22 FY. Consequently, the company’s Profit After Tax grew by 22%, reaching Shs 34 billion, from Shs 27.9 billion in the 21/22 FY.

“This remarkable progress can be attributed to the increased electricity sales from our Nalubaale and Kiira Hydroelectric Power Plants. Despite our challenges, we remain committed to completing the Karuma HPP, which will add 400 MW to the grid,” the energy minister revealed.