Grenada’s lone electricity distributor, GRENLEC, remained profitable last year with its overall profit being recorded at EC$90.86 million up from the EC$74.67 million registered in 2023.
‘Despite exceptional challenges and a rapidly shifting energy landscape, our company remained profitable in 2024, achieving record non-fuel dollar sales growth of 10.52 per cent, up from EC$99.26 million in 2023 to EC$109.70 million,’ chairman James Pitt wrote in the 2024 annual report released to shareholders at the annual general meeting.
‘This growth helped offset higher operating costs, net of fuel, which rose from EC$74.67 million in 2023 to EC$90.86 million in 2024, due to increased generation maintenance and rental of emergency units,’ Pitts told shareholders.
The report said that notwithstanding the sales growth, maintenance and rental of emergency units reduced profitability.
‘Operating profit declined by more than 50 per cent, from EC$43.11 million in 2023 to EC$20.7 million, while net profit fell to EC$7.6 million down from EC$21.29 million in 2023,’ said the report under the sub topic financial performance.
As a result of profit decline, the board reduced dividends from 40 cents per share to 32 cents per share. However, retained earnings increased modestly to EC$64.8 million, up from EC$63.30 million in 2023, reflecting prudent financial management and long-term focus in a year of significant disruption, said the report.
This positive trend reflected in the company’s overall financial performance in 2023 where net profit before tax for 2023 was EC$28.94 million, exceeding both the budgeted EC$18.01 million and the EC$12.23 million recorded in 2022.