by Linda Straker
- Annual general meeting held on 9 October 2025
- Company remained profitable in 2024, achieving record non-fuel dollar sales growth
- In 2024, higher operating costs, net of fuel, were due to increased generation maintenance and rental of emergency units
Grenada Electricity Services Ltd (Grenlec), Grenada’s lone electricity distributor, reports that it remained profitable in 2024; however, operating profit declined by more than 50%, from $43.11 million in 2023 to $20.7 million in 2024. Net profit fell to $7.6 million, down from $21.29 million 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%, up from $99.26 million in 2023 to $109.70 million,” Chairman James Pitt wrote in the 2024 Annual Report published after the annual general meeting held on 9 October 2025. “This growth,” Pitt said in the report, “helped offset higher operating costs, net of fuel, which rose from $74.67 million in 2023 to $90.86 million in 2024, due to increased generation maintenance and rental of emergency units.”
Despite non-fuel sales growth of 10.52%, up from $99.26 million in 2023 to $109.70 million in 2024, as a result of profit decline, the board reduced dividends from 40¢ per share to 32¢ 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 chairman’s report.
While the 2024 report showed an operating profit decline but profitability overall, it is vastly different to the 2023 report. Under the then-chairman Rodney George, the company for each month of 2023 outperformed 2022 and all previous years. By the end of 2023, a total of 238.21 million kWh was sold, marking a 4.82% increase over 2022.
“Commercial and domestic sales led this growth with increases of 6.2% and 3.6% respectively. A 4.82% rise in kWh or units sold and the discontinuation of a 25% discount on the non-fuel charge in September 2022, saw revenues rebound in 2023 with a 26.07% increase or EC$$20.53 million over 2022 figures,” said the 2023 report.
This positive trend is 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.
