• The Ceylon Electricity Board achieved a significant turnaround in Q3 2024, driven by prior steep tariff hikes, with revenue rising 19.8% year-on-year to Rs.126.80 billion and operating profits surging by 169.8% to Rs.35.24 billion.

The Ceylon Electricity Board (CEB) reported a significant turnaround in its July-September 2024 performance, achieving Rs.126.80 billion in revenue, a 19.8% year-on-year increase, despite electricity tariff cuts earlier this year. The improved performance was driven by prior steep tariff hikes introduced under the IMF's reform package for cost-reflective pricing. Operating profits surged by 169.8% to Rs.35.24 billion, supported by Rs.16.43 billion in other incomes, which included gains from selling a 28% stake in LTL Holdings. However, higher power tariffs have strained households and businesses, with many facing financial hardships or closures.

CEB reports turnaround performance in 3Q despite tariff cuts | Daily Mirror