Geregu Power Plc has issued its unaudited 2023 second quarter reports, which indicate pre-tax profits of N6.9 billion.
According to The Times, this compares to a pre-tax profit of N5.3 billion reported for the same period in 2022.
The quarter’s revenue was N20.4 billion, up from N15.2 billion in the equivalent quarter of 2022.
However, earnings per share increased to N1.8 for the quarter from N1.44 for the same period in 2022.
Further examination of the company’s financial statistics reveals that energy sales increased to N12.5 billion from N9.7 billion in the prior year, indicating that the company was able to supply the grid with more electricity in the second quarter of the year.
Revenue from capacity charges also increased, going from N5.5 billion to N4.89 billion. A total of N30.6 billion in cash flow from operating activities was used to pay dividends of N20 billion and repay loans.
In the first half of the year, the company reported repaying debts of N35.8 billion, thereby lowering its foreign loans. However, the corporation continued to claim to have N44.3 billion in cash in the bank.
