The 2022 Auditor General Report has unveiled a modest decline of about 1.7% in profit for Volta River Authority compared to the previous year.
The 2021 profit of ¢112.758 million dropped to ¢110.798 million in 2022, according to the report.
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Total income, however, witnessed a notable 34% increase, rising from ¢4.199 billion in 2021 to ¢5.628 billion in 2022. This upsurge was primarily attributed to a substantial 38.7% surge in revenue from power sales.
Meanwhile, total expenditure experienced a 35.0% rise from ¢4.086 billion in 2021 to ¢5.517 billion in 2022. This escalation was mainly due to increased costs of sales and depreciation.
Non-Current Assets on the balance sheet surged by 41.5%, climbing from ¢18.380 billion in 2021 to ¢26.008 billion in 2022. This augmentation was fueled by revaluation gains and the acquisition of property, plant, and equipment during the year.
Current Assets also saw a 36.1% increase, growing from ¢8.631 billion in 2021 to ¢11.751 billion in 2022, attributed to a rise in trade and other receivables.
Conversely, Current Liabilities rose by 26.2%, expanding from ¢6.861 billion in 2021 to ¢8.659 billion in 2022, mainly due to increased trade payables from ¢6.404 billion in 2021 to ¢8.363 billion in 2022.
Regarding liquidity, the current ratio improved to 1.4:1 in 2021 from 1.3:1 in 2020.
However, the report cautioned that the Volta River Authority could face challenges in fulfilling its short-term financial obligations.
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