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Auditor General reveals most profitable and loss-making gov’t agencies

A photo collage of top Directors of Uganda's major public corporations and state enterprises. First row from top left: UETCL CEO Joshua Karamagi, Civil Aviation Authority Director General Fred Bamwesigye, UEDCL CEO Eng. Harrison Mutikanga. Second row from left: UNOC CEO Proscovia Nabbanja, NEC Luwero Enterprises CEO Lt. Gen. James Mugira, Uganda Railways Acting MD Musoke David Bulega. Bottom left: Uganda Airlines CEO Jennifer Bamuturaki, UEDCL M.D Paul Mwesigwa and Uganda Printing and Publishing Corporation CEO Prof.Sudi Nangoli.

The Uganda Electricity Transmission Company (UETCL) has been ranked as the most profitable public company with a profit of UGX 82.3 billion earned through energy sales in the Financial Year (FY) ending June, 2024. UETCL was closely followed by Uganda Electricity Generation Company (UEGCL) at 54.2 billion and Uganda Civil Aviation Authority at UGX 32 billion. The three top public corporations raked in a combined UGX 168 billion in annual profits outperforming other 17 sister corporations and state enterprises, according to details from the latest Auditor General’s report. However, UETCL’s profitability decreased by 13 percent from UGX 94 billion in…

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About the Author

Paul Murungi is a Ugandan Business Journalist with extensive financial journalism training from institutions in South Africa, London (UK), Ghana, Tanzania, and Uganda. His coverage focuses on groundbreaking stories across the East African region with a focus on ICT, Energy, Oil and Gas, Mining, Companies, Capital and Financial markets, and the General Economy.

His body of work has contributed to policy change in private and public companies.

Paul has so far won five continental awards at the Sanlam Group Awards for Excellence in Financial Journalism in Johannesburg, South Africa, and several Uganda national journalism awards for his articles on business and technology at the ACME Awards.

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