Geregu Power profit surges 300% gain in pre-tax profits

Alex Omenye
Alex Omenye

Onwubuke Melvin

Geregu Power is the first publicly traded company to report its first quarter of 2024 results. This was disclosed in a notice of the interim financial statement, the company filed with the NGX group on Tuesday.

This follows the recent remarkable performance with an even more significant profitability growth.

In the financial statement, Geregu Power profit increased approximately 3.5 times the N14.2 billion revenue posted in the same period last year.

Its profit before tax for the period under review increased by an amazing 300% from a mere N5.3 billion in the same period last year to over N21.9 billion so far this quarter.

Key Indicators

Revenue: N50.4 billion (+250% YoY)

Gross profit: N28.4 billion (+311%)

Operating profit: N21.7 billion (+280%)

Pre-tax profit: N21.9 billion(+300%)

Profit after tax: N14.4 billion (+311%)

Earnings per share: N5.78 (+300%)

Net Assets: N 39.6 billion

Retained Earnings: N38.3 billion

Since its listing on the Exchange, Geregu Power has continued to soar in profit despite the economic slowdown.

For the quarter, the company revenue was driven by an increase in sales of energy totaling N31 billion, which is over three times as much as the N9 billion posted last year.

At the end of the quarter, Geregu Power also held N51.8 billion in cash after a dividend payment of 20 billion.

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