• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business Energy

GRIDCo sees profits plummet by 99.5% in 2021

2 years ago
in Energy, Features, highlights, Home, home-news, latest News
1 min read
0 0
0
532
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

GRIDCo sees profits plummet by 99.5% in 2021

The financial health of the Ghana Grid Company Limited (GRIDCo) has taken a significant hit, with a staggering 99.5% reduction in profit before tax for the year 2021, leaving the company with a meager ¢1.296 million compared to the previous year’s profit of ¢270.704 million in 2020.

The decline underscores a concerning deterioration in GRIDCo’s core business. The 2022 Auditor General Report sheds light on the extent of the setback, revealing a 35.1% dip in Total Comprehensive Income, which stood at ¢197 million in 2021 as opposed to ¢304.113 million in 2020.

This downward performance is primarily attributed to the revaluation of the company’s property, plant, and equipment conducted during 2021. The financial repercussions of this revaluation were significant, as evidenced by the related tax burden amounting to ¢111.331 million in 2021, an exponential rise from the ¢17,725 million recorded in 2020. Moreover, income tax expenses ballooned to ¢142.625 million in 2021, a notable increase from the ¢88.425 million reported in 2020.

While there was a marginal 8.3% uptick in Total Income, amounting to ¢1.314 billion in 2021 compared to ¢1.213 billion in 2020, this was primarily attributed to an 8.8% boost in revenue from transmission services throughout the year.

On the expenditure side, GRIDCo experienced a substantial 39.2% increase in total expenditure, reaching GH¢1.312 billion from the ¢943.268 million recorded in 2020. This escalation was predominantly driven by higher impairment losses on trade receivables, amounting to ¢334.790 million, as well as increased Direct costs of ¢67.828 million compared to the previous year.

Turning to the balance sheet, the company saw a 9.8% surge in Current Assets, reaching ¢1.718 billion in 2021 from ¢1.565 billion in 2020. This uptick was largely attributed to a notable increase in cash and cash equivalents, amounting to ¢237.857 million.

RelatedPosts

African Debt and Climate Change: How the ICJ’s Vanuatu Ruling Could be Used for Broader Justice

European Leagues Defend Plans to Stage Matches Abroad Amid EU Criticism

Bank of Ghana Sets Gold Coin Price at GHS 39,273 Per Ounce

However, Non-Current Liabilities saw a 5.7% decline, translating to ¢119.525 million, and culminating in a year-end figure of ¢1.991 billion in 2021 compared to ¢2.111 billion in 2020. This was primarily influenced by a reduction in Loans and borrowings.

Conversely, Current Liabilities experienced a substantial 24.6% upswing, equating to ¢484.928 million, reaching ¢2.452 billion in 2021 from ¢1.967 billion in 2020. This increase was propelled by significant hikes in current tax liabilities, loans and borrowings, and trade and other payables, growing by 74.1%, 57.4%, and 14.5% respectively.

Adding to the concerns, the current ratio for the end of the 2021 financial year stood at 0.7:1, compared to 0.8:1 in 2020. This stark figure signifies GRIDCo’s potential inability to fulfill its short-term financial obligations.

Tags: GRICoGRIDCo sees profits plummet by 99.5% in 2021
No Result
View All Result

Highlights

Rewriting the Rulebook: Ghana’s Battle to Restore Currency Credibility

Bank of Ghana Raises GHS 836m in Short-Term Bill Auction at 24.8% Yield

Importers Urged to Use Credit Cards as BoG Tightens Foreign Currency Rules

FirstBank Prepares for 2025 Staff Engagement Empowering People, Shaping Culture, Achieving Targets

Gov’t to Overhaul Investment Law, Create 24-Hour Economy Authority in New Bills to Parliament

Ghana, Singapore Push Cross-Border Payments and SME Ties as Mahama Hails Stabilising Economy

Trending

Features

African Debt and Climate Change: How the ICJ’s Vanuatu Ruling Could be Used for Broader Justice

August 28, 2025

African Debt and Climate Change: How the ICJ’s Vanuatu Ruling Could be Used for Broader Justice African...

European Leagues Defend Plans to Stage Matches Abroad Amid EU Criticism

August 28, 2025

Bank of Ghana Sets Gold Coin Price at GHS 39,273 Per Ounce

August 28, 2025

Rewriting the Rulebook: Ghana’s Battle to Restore Currency Credibility

August 28, 2025

Bank of Ghana Raises GHS 836m in Short-Term Bill Auction at 24.8% Yield

August 28, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.