Business a.m.
Geregu Power Plc. recorded a 107.3 per cent rise in its profit before tax from N18.1 billion to N36.2 billion within the nine months period ending September 30, 2024, as revealed in its unaudited financial statements presented recently on the Nigerian Exchange Limited (NGX).
Riding the wave of impressive profitability, the power generation company reported a 113 percent increase in profit after tax to N24.1 billion during the period under review, compared to N11.36 billion in the corresponding period in 2023.
A closer look at the company’s financial statements revealed that Geregu Power’s total revenue surged toN112.58 billion in the first nine months of 2024, representing a 102 percent year-on-year growth from N55.75 billion reported in the same period in 2023.
Geregu Power demonstrated commendable financial performance for the third quarter of 2024, with revenue increasing by 18 per cent year-on-year to N31.9 billion, up from N27 billion in the same period of 2023.
A review of the company’s revenue breakdown showed that N71.4 billion was generated from energy sales while N41.1 billion was derived from capacity charges.
Furthermore, Geregu Power’s shareholders approved a dividend payout of N8.00 per share for the 2023 fiscal year, reflecting an improvement in the company’s profitability.
Speaking at the company’s 12th annual general meeting (AGM) held in Lagos, Chairman Femi Otedola remarked that despite encountering challenges in the preceding year, the company remains confident in its growth prospects and is adopting a prudent approach moving forward.
“In 2024, Geregu Power aims to align our business operations with the global trend toward affordable, clean and efficient energy systems. This involves incorporating renewable energy sources into our power generation portfolio, a move that not only aligns with our sustainability goals but also positions us to capitalise on emerging market opportunities.
“Our commitment to innovation and sustainability, along with our strategic initiatives, positions us well to navigate the challenges and seize the opportunities that lie ahead,” Otedola stated.
Geregu Power, a major player in Nigeria’s power industry, contributes nearly 10 percent of the nation’s total electricity generation.
Boasting three Siemens gas-fired turbines, the power plant has an installed capacity exceeding 435 megawwatts (MW), consistently producing between 260 MW and 270 MW of electricity in practice.
Geregu Power is currently pursuing the acquisition of an additional power plant—Geregu Power Plant II. This ambitious undertaking aims to add 434MW to the company’s generating capacity, strengthening power production across the country and providing a much-needed boost to the Nigerian economy.
