Geregu Power Plc has recorded a profit before tax of N30.15 billion in the first half of 2024 — rising from the N12.29 billion posted in the corresponding period in 2023.
According to the interim unaudited financial statements for the period ended June 30, 2024, released on Friday, this represents a year-on-year pre-tax increase of 145 percent.
The company’s pre-tax profit grew by 23.6 percent during the period under review, compared to the N24.38 billion recorded throughout 2023.
Geregu also recorded a net profit of N20 billion between January and June — up 148 percent from N8 billion reported in the same period of 2023.
The power company’s revenue grew by 132.52 percent to N80.67 billion in the first half of 2024 as against N34.69 billion in the first six months of 2023.
The biggest source of revenue for the company during the reviewed period was energy sales, which amounted to N50.83 billion.
The company also generated N10.41 billion turnover from capacity charges.
According to Geregu, gross profit grew to N41.47 billion in the review period of 2024 — from N18.16 billion in the corresponding period of the previous year.
Also, the company’s total assets grew during the period to N207.69 billion — from N182.04 billion as of the end of 2023.
On July 8, the NGX Regulation Limited (NGX RegCo) listed Geregu Power among companies with high corporate governance practices.
Meanwhile, market experts predict that the energy firm is set to perform better and deliver more value to shareholders as it recently signed a Memorandum of Understanding with Siemens Energy to expand its generation capacity at the Geregu 1 power plant.
Details of the MoU ceremony, which took place in Berlin on May 29, 2024, showed that discussions and proposed implementation of various solutions were involved.
These included upgrading the Geregu 1 Power plant from its current capacity of 435MW to 500MW, establishing combined cycle operations to generate an additional 200MW, and building new facilities using lower emission turbines with an added capacity of 500MW to create Geregu 3.
These initiatives aim to increase power output, improve efficiency, reduce emissions, enhance flexibility, prolong equipment lifespan, and maximise shareholder value through increased earnings for Geregu Power PLC, bringing its overall nameplate capacity to 1200MW.
Chairman of the Board of Directors of Geregu Power Plc, Femi Otedola, who signed on behalf of the company said, the relationship was aimed at ensuring sustainable, resilient, and efficient power generation while safeguarding the longevity of assets, all aimed at supporting the growth and sustainability of the Nigeria Electricity Supply
Industry.
