Business
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
Business
Student loan scheme is part of anti-corruption efforts, says Tinubu
President Bola Tinubu says Nigeria’s new student loan regime could be considered an anti-corruption mechanism.
Tinubu was speaking about his government’s anti-corruption efforts during a presidential media chat that aired on Monday night.
He was asked if he considers anti-corruption an integral element among his governance priorities.
Tinubu said any policy intervention that aims to address the driver of corrupt practices could be considered anti-corruption.
“Corruption, in all its ramifications, is bad. But first, you must pay enough attention to its causes,” the president said.
“Why are the people corrupt? Lack of social amenities, lack of funding for their children’s education. There are so many anti-corruption mechanisms that you can put in place to help the people not be corrupt. Pay them good living wages.
“I have moved from 35,000 to 70,000. To me, that’s anti-corruption. I have given more money to the state and local government levels. I have been transparent with my earnings. Every month, there is a publication on how much this country is making.
“The ability to stem corruption is part of the instrument of the EFCC. That is why they are discovering all sorts of inefficiencies in the system, blocking all the loopholes where anybody can just game the system. That is part of anti-corruption.”
Tinubu said enabling equitable access to tertiary education through a loan scheme is just as important in the anti-corruption struggle.
“The removal of subsidies is also anti-corruption. It is very difficult to say you would eliminate it. You can only reduce it to the barest minimum. Help the people grow. Help them with the education of their children. Our student loan is part of anti-corruption,” he said.
“No parent should lament how to encourage their children in university education. Today, it’s working for a larger part of the population. The society is moving from illiteracy to literacy.
“I enjoy debate on what type of courses are being offered in the university these days to improve science, knowledge, and technology. We continue to work on it. We’re not taking our eyes off these serious matters.”
Business
APPLY: FIRS begins recruitment of senior managers, directors
The Federal Inland Revenue Service (FIRS) has begun its recruitment exercise for experienced professionals to fill specialised positions in the organisation.
Announcing various vacant roles on Monday, the FIRS said the recruitment exercise is part of its consolidation strategies.
The advertised positions include assistant manager and deputy manager roles in tax (investigation), PRS (research), public relations, and ICT (cybersecurity and AI management).
Other available roles are assistant manager and deputy manager in PRS (risk management), assistant manager and deputy manager in legal, and senior manager and assistant director roles in tax (audit).
“Applicants must have qualifications and relevant professional certificates as specified in the positions they are applying for and must also fulfill the following requirements,” the agency said.
“Applicant must possess Bachelor’s degree/HND with at least second class lower/lower credit.
“Applicant must have completed NYSC not later than 31st December 2017.
“Applicant for the position of assistant manager and deputy manager must not be more than 40 years of age while senior manager and assistant director must not be more than 45 as at 31st December 2024.”
The revenue agency said candidates must possess strong leadership and management skills, team spirit and ability to effectively delegate, interpersonal and communication skills, and strong Analytical skills.
“Knowledge of the Nigerian tax laws and appreciation of their application and understanding of the regulatory framework within which the FIRS operates,” the FIRS said.
“Knowledge of business/industry environment within which taxpayers operate.
“Ability to work as a regulator with the courage to ensure full compliance with laws.
“Interested candidates should apply via official FIRS career portal: careers.firs.gov.ng and or FIRS verified social media handles.”
The FIRS said the application portal will open on December 23, 2024, noting that the deadline for submissions is January 11, 2025.
The service advised applicants to carefully review the eligibility criteria before applying to ensure they meet all requirements and understand the qualifications needed for successful selection.
Business
UBA GMD calls for public-private partnership to accelerate economic growth
Oliver Alawuba, group managing director (GMD) and chief executive officer (CEO) of United Bank for Africa (UBA), has called for public-private partnership (PPP) to accelerate economic growth.
Alawuba spoke on December 20 during the launch of the newly renovated departure section of the Murtala Muhammed International Airport (MMIA), Lagos, refurbished by UBA.
According to a statement on Sunday by the bank, the project, which signifies a transformative moment in Nigeria’s aviation sector, shows UBA’s commitment to national development, highlighting the immense value of strategic PPPs.
The ceremony was attended by stakeholders, including Festus Keyamo, minister of aviation and aerospace development, and Olubunmi Kuku, managing director of the Federal Airports Authority of Nigeria (FAAN).
Alawuba commended the collaboration that led to the execution of the project, emphasising the need for public and private institutions to come together to build and revamp the nation’s assets.
“This renovation is a testament of UBA’s belief in the transformative power of investing in national assets. By modernising our airports, we not only enhance infrastructure but also position Nigeria as a global hub for tourism, trade, and investment,” he said.
“Public-private partnerships like this demonstrate what can be achieved when we unite for a shared vision of progress and investing in infrastructure catalyses economic growth, improves travel experiences, and creates opportunities across various sectors of the economy.
“The commissioning of the renovated departure section serves as a reminder of what strategic partnerships can achieve in driving national development and elevating Nigeria’s global standing.”
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