WILLEMSTAD – State-owned utility company Aqualectra recorded a significantly stronger financial performance in 2024, reporting a net profit before tax of ANG 24.6 million, more than double the result of the previous year. The improvement comes amid record levels of investment and an ongoing transformation aimed at affordability, sustainability and reliability.
According to Aqualectra’s 2024 annual report, total revenue rose to ANG 628.3 million, driven by increased electricity demand and steady water sales. Electricity sales reached an all-time high, reflecting Curaçao’s economic growth, high temperatures and increased development activity. Water sales also rose by four percent compared to 2023.
Gross profit increased by 15 percent to ANG 307.6 million, largely due to lower fuel costs and improved plant efficiency. Strategic fuel conversions, higher renewable energy output and better dispatch of low-cost generation units contributed to reduced production costs, despite rising demand.
While operating expenses increased, mainly due to personnel costs and higher provisions for credit losses, Aqualectra still achieved an 82 percent increase in operating profit. The company ended the year with improved liquidity, as cash and cash equivalents more than tripled compared to 2023.