Uganda Electricity Generation Company Limited (UEGCL) has recorded one of its strongest financial performances to date, posting a 40% revenue increase for the Financial Year 2024/25 driven largely by the first full year of commercial generation from the 600 MW Karuma Hydropower Plant.
The state-owned power generator disclosed the results during its 15th Annual General Meeting (AGM) held at the Ministry of Finance, Planning and Economic Development headquarters in Kampala.
The meeting brought together key stakeholders, including the Minister of Energy and Mineral Development, Ruth Nankabirwa, and the Minister of Finance, Planning and Economic Development, Hon. Matia Kasaija. The session was chaired by Eng. Proscovia Margaret Njuki, who presented a comprehensive review of UEGCL’s financial performance, operational progress, and strategic direction for the year ending June 30, 2025.
Eng. Njuki revealed that the company’s revenue rose to UGX 492.345 billion up from UGX 350 billion the previous year, mainly due to improved dispatch from hydropower facilities and the strong contribution of Karuma’s first commercial year.
“UEGCL reported revenue of Shs492.345 billion for FY2024/25, primarily driven by improved dispatch across our hydropower plants and a successful first year of commercial operations at the 600 MW Karuma Hydropower Plant,” said Eng. Njuki.
Despite the revenue jump, profit after tax declined to Shs25.02 billion, attributed to increased depreciation, higher operating expenses, and interest obligations related to the Karuma on-lent loan.
However, UEGCL’s balance sheet strengthened significantly following the Government of Uganda’s conversion of Shs566 billion in accrued interest on Karuma into equity, boosting the company’s solvency and long-term financial sustainability.
Eng. Njuki noted that the year marked an important turning point for the utility.
“This financial year was a defining year for UEGCL. We strengthened our operational performance, consolidated the full commercial operation of the 600 MW Karuma HPP, and advanced key hydropower projects,” she said.
She added that despite liquidity constraints and sector-wide challenges, the company remains focused on disciplined operations, safeguarding assets, and supporting Uganda’s socio-economic transformation through reliable electricity generation.
“The Company remained resilient with growing revenue, reinforcing our commitment to transformation and dependable power supply for Uganda,” Eng. Njuki emphasized.
With Karuma now fully online and contributing well to national generation capacity, UEGCL projects continued revenue growth and improved efficiency in the years ahead as it aligns its strategy with the National Development Plan IV.
