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CEB reports robust profits for FY2023, attributes success to multiple factors

March 04, Colombo (LNW): The Ceylon Electricity Board (CEB) has concluded the fiscal year 2023 with substantial profitability, as indicated by unaudited interim financial statements submitted to the Colombo Stock Exchange (CSE).

The Group reported profits of Rs. 75.7 billion, with the Board recording Rs. 61.2 billion in profits.

This positive financial performance can be attributed to several factors, including increased rainfall from September and a tariff hike implemented in the fourth quarter of 2023.

Even without the beneficial impact of heightened rainfall, which decreased reliance on oil and coal-based generation, CEB would have still generated profits of approximately Rs. 40 billion.

In terms of revenue, the Group garnered Rs. 679 billion during the fiscal year, resulting in a gross profit of Rs. 132 billion and an operating profit of Rs. 143 billion.

Distribution costs saw a reduction of 13.7 percent, while other expenses decreased by 15.3 percent.

Additionally, finance income expanded by 29 percent, albeit with a 42.8 percent increase in finance costs.

However, recent scrutiny by the Sectoral Oversight Committee on Alleviating the Impact of the Economic Crisis revealed that CEB had notably overestimated the costs associated with electricity production and transmission for the year 2024.

The overestimation amounts to approximately Rs. 140 billion, underscoring the need for accurate financial forecasting and management within the institution.

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