Geregu Power reports N30.2 billion profit, up by 145% in 6 months

Geregu Power Plc recorded a pre-tax profit of N30.2 billion in the first half of 2024, representing a 145% year-on-year increase from the N12.3 billion posted in the same period in 2023.

Profit after tax for the period under review also rose by 2.45x to N20 billion compared to N8 billion reported the same period in 2023.

The company’s pre-tax profit during the period under review also rose by 24% when compared to the N24.4 billion pre-tax profit recorded throughout 2023.

This suggest the company has now generated more profits in the first half of 2024 when compared to the whole of 2023.

Geregu Power is also an early flier becoming the first quoted company to release its second quarter interim result for 2024.

According to the company’s unaudited interim statement for the half year 2024, it recorded a revenue of N80.7 billion, marking a 133% year-on-year growth from the N34.7 billion posted in the same period in 2023.

The bulk of the company’s revenue came from the sale of energy, which amounted to about N50.8 billion. The company recorded a N29.8 billion turnover from capacity charge.

At the end of the period, Geregu Power pocketed a net profit of N20 billion, marking a 148% YoY growth from the N8.05 billion recorded in H1 2023.

Key highlights 2024 Half Year vs Half Year 2023

• Revenue: N80.7 billion, +133% YoY
• Cost of sales: N39.2 billion, +137% YoY
• Gross profit: N41.5 billion, +128% YoY
• Administrative expenses: N5.0 billion, +109% YoY
• Net finance cost: N260.3 million, -83% YoY
• Profit before income tax: N30.2 billion, +145% YoY
• Profit for the period: N20.0 billion, +148% YoY
• Earnings per share (EPS): N8.01, +149% YoY
• Cash and cash equivalents: N43.3 billion, -38% YTD
• Total assets: N207.7 billion, +14% YTD