Grenada Electricity Services Ltd (Grenlec), the sole electricity distributor in Grenada, has announced its financial performance for 2024, revealing a mixed outcome. Despite maintaining profitability, the company experienced a significant decline in operating profit, which dropped by more than 50% from $43.11 million in 2023 to $20.7 million in 2024. Net profit also fell sharply to $7.6 million, down from $21.29 million the previous year. The company attributed the increased operating costs, excluding fuel, to heightened generation maintenance and the rental of emergency units, which rose from $74.67 million in 2023 to $90.86 million in 2024. However, Grenlec achieved a record non-fuel dollar sales growth of 10.52%, increasing from $99.26 million in 2023 to $109.70 million in 2024. Chairman James Pitt highlighted this growth in the 2024 Annual Report, stating that it helped offset the higher operational expenses. Despite the sales growth, the board reduced dividends from 40¢ per share to 32¢ per share due to the profit decline. Retained earnings saw a modest increase to EC$64.8 million, up from EC$63.30 million in 2023, reflecting the company’s prudent financial management during a challenging year. The 2024 performance contrasts sharply with the company’s strong 2023 results, where it outperformed previous years with a 4.82% increase in kWh sold and a 26.07% revenue boost, driven by commercial and domestic sales growth.