Ghana’s state’s largest power generation company, Volta River Authority (VRA), recorded a profit of Gh¢110.893 million in 2022, according to the Auditor General’s Report which has also been confirmed by the company.
The 2022 profit is about a 1.7 per cent decline over the previous year.
In 2021, the Authority registered a profit of Gh¢112.758 million.
According to the 2022 Auditor General’s Report, total income increased by 34 per cent to Gh¢5.628 billion in 2022, from Gh¢4.199 million in 2021. The increase in total income was due to a 38.7 per cent increase in revenue from power sales.
On the other hand, total expenditure increased by 35.0 per cent, from Gh¢4.086 billion in 2021 to Gh¢5.517 billion in 2022.
This was mainly due to increases in the cost of sales and depreciation.
In terms of the balance sheet, Non-Current Assets increased from Gh¢18.380 billion in 2021 to Gh¢26.008 billion in 2022, representing an increase of 41.5 per cent.
The increment was due to revaluation gains and the acquisition of property plants and equipment during the year.
The company’s current Assets also increased by 36.1 per cent from GH¢8.631 billion in 2021 to Gh¢11.751 billion in 2022 due to an increase in trade and other receivables.
Similarly, Current Liabilities recorded an increase of 26.2 per cent from Gh¢6.861 billion in 2021 to Gh¢8.659 billion in 2022. This was due to an increase in trade payables from GH¢6.404 billion in 2021 to GH¢8.363 billion in 2022.
For liquidity, the current ratio increased to 1.4:1 in 2021 (2020: 1.3:1).
Source: https://energynewsafrica.com