Geregu Power Reports N50.4bn Revenue in Q1 2024
Olakunle Oyewole, Independent Non-Executive Director: Paul Gbadedo, Independent Non-Executive Director, Doron GrupperIndependent Non-Executive Director, Anil Dua, Independent Non-Executive Director, Akinleye Olagbende, Company Secretary: FeminOtedola, Chairman; Akin Akinfemiwa, Chief Executive Officer: Julius B. Owotuga, Deputy Chief Executive: John Robert LeeIndependent Non-Executive Director, and Olawunmi Otedola. Non-Executive Director at the Geregu Power Pic’s 12th Annual General Meeting held in Lagos
Geregu Power, Nigeria’s first publicly listed power business, has reported N50.4 billion in revenue for the first quarter of 2024. This is over 3.5 times the N14.2 billion revenue reported during the same period last year.
The company followed up on its performance with even greater bottom-line profitability growth. Its pre-tax earnings for the time under review increased by an incredible 313 percent, from N5.3 billion in the same period last year to N21.9 billion this quarter.
Key Highlights
Revenue: N50.4 billion (+254% YoY)
- Gross profit: N28.4 billion (+307%)
- Operating profit: N21.7 billion (+276%)
- Pre-tax profit: N21.9 billion(+308.2%)
- Profit after tax: N14.4 billion (+308%)
- Earnings per share: N5.78 (+307%)
- Net Assets: N 39.6 billion
- Retained Earnings: N38.3 billion
- Share price: N1,000 per share
The company’s capacity charge increased from N5.1 billion to N19.4 billion during the quarter, and its energy sales increased to N31 billion, more than three times higher than the N9 billion recorded a year earlier.
It was also revealed in the report that the company’s gross profit margin is 56.3 percent, up from 48.6 percent the previous year, indicating that even though it paid more for gas supply, it became more efficient in its operations.
In terms of operating profit margins, the company reached 43.2 percent, up from 40.7 percent, indicating better expense management by the company despite an increase in inflation.
According to the report, Geregu Power also had N51.8 billion in cash at the end of the quarter, after paying out N20 billion in dividends.
