The Energy Sector Levy (ESLA) Plc recorded a profit of GHS17.6 million in 2019.

This is however lower than the GHS33 million recorded in 2018.

The decline in profit was due to a GHS416 million bad debt recorded in the books.

According to its unaudited 2019 Financial Statement, earnings per share however drop from GHS33.06 to GHS17.64.

The cash flow statement looked strong as cash flows from investing activities was GHS26 million, relative to GHS9.8 million in 2018.

GHS430.4 million was obtained from the sale of an ESLA bond opened to investors on 30 December 2019 and closed on 13 January 2019.

The 12-Year Senior Fixed-Rate Bond will mature on 29 December, 2031 and will have a coupon rate or yield of 20.50%.

ESLA Plc has, since inception, issued bonds worth GHS6.664 billion. This resulted from issuances in November 2017 (7-year tranche E1 and 10-year tranche E2), January 2018 (tap of 10-year tranche E2-B), August 2018 (tap of 10-year tranche E2-C) and June 2019 (10-year tranche E3), August (tap of 10-year tranche E2-C) and June 2019 (10-year tranche E3).

Significantly, a buy-back and subsequent cancellation of bonds worth GHS664 million in June 2019 brought the total outstanding bond under the programme to GHS6 billion.