Ceylon Electricity Board Reports Rs.34.35 Billion Profit for 2Q24 Amidst Tariff Reductions
The state-run Ceylon Electricity Board (CEB) announced a significant profit of Rs.34.35 billion for the quarter ending June 2024, marking a 24.4 percent increase from the same period last year.
In the first half of 2024 (1H24), CEB achieved a remarkable turnaround with a profit of Rs.122.78 billion, a stark contrast to the Rs.7.75 billion loss reported in the first half of 2023.
However, the revenue for the quarter saw a decline of 43.5 percent year-on-year, dropping to Rs.149.2 billion from Rs.263.9 billion due to reduced electricity tariffs following a series of hikes since August 2022.
Power and Energy Minister Kanchana Wijesekera shared on X (formerly Twitter) that the net profit of Rs.93 billion by June 2024 was allocated to settle outstanding payments to renewable energy developers, thermal power plants, coal procurement, local suppliers, and other major projects. He noted that the reduction in consumer tariffs was made possible after addressing these payments.
In the March quarter, CEB recorded a profit of Rs.88.3 billion, a remarkable recovery from the Rs.35.3 billion loss reported in the same period in 2023, with revenue standing at Rs.179 billion for 1Q24.