Africa-Press – Ghana. The Bui Power Authority (BPA), a state-owned power producing company, has reported a significant decline in its gross profits but an improved net profit for the 2024 financial year.
The company’s financial position was detailed in its 2024 Corporate Annual Report, which was audited by Donaldy Associates.
The financial report was disclosed at the Annual General Meeting and Stakeholders’ Engagement, held at the company’s premises.
According to the report, the company’s gross profit stood at $105.46 million in 2024, a decline from the $122.43 million recorded in the 2023 financial year.
This represents a decrease of approximately $17.97 million, highlighting a challenging operational period for 2024.
The major factor that led to the decline in gross profit was a substantial decrease in revenue, which fell from $157.11 million in 2023 to $139.68 million in the period under review.
However, the financial report revealed a major reduction in the company’s finance costs, which fell from $10.36 million in 2023 to $7.74 million in 2024.
This reduction resulted in a net profit of $64.53 million in 2024, compared to $33.6 million in 2023.
In a speech read on his behalf, Mr Kwadwo Nyamekye-Marfo, Board Chairman of the Bui Power Authority, said the 2024 financial year was very difficult for many organisations, including BPA.
He said despite the difficulties, “with determination and resilience, we succeeded in making positive gains during the year amidst the challenges associated with global economic hardship.”
The Board Chair informed that in the face of financial difficulties, the Authority’s commitment to renewable energy development remained strong.
“The Authority completed 52 per cent of the 50 MWp solar project at Yendi and 62 per cent of the planned 40 MWp of a 100 MWp solar project already completed at the BGS, setting the stage for greater energy diversity,” he said.
Mr. Richard Gyan Mensah, Deputy Minister of Energy, urged the management and board of BPA to consolidate the gains of the 2024 financial year and pursue ambitious projects and initiatives to improve the company’s financial position.
He also urged them to deepen collaboration by partnering with the private sector, international investors, and academic institutions to accelerate innovation and attract capital.
The Deputy Minister praised the company’s renewable energy drive but stressed that such innovations must be in sync with government policies and plans.
For More News And Analysis About Ghana Follow Africa-Press
