A major player in Nigeria’s energy sector, Geregu Power Plc, has reported a staggering 110% increase in operating profit in its just issued 2023 audited financial statement.
According to Nairametrics, this enormous growth demonstrates the company’s robust business model and strategic objectives, which have positioned it as an industry leader.
The company’s financial performance for the fiscal year ending December 31, 2023, demonstrates tremendous growth across multiple parameters. Revenue increased 74%, from N47.6 billion to N83 billion, demonstrating Geregu Power’s growing market presence and operational efficiency.
This revenue gain is especially notable given Nigeria’s dynamic and often tough energy sector.
Operating profit which increased from N14.8 billion to NGN31.1 billion, is an indicator of Geregu Power’s effective cost management and operational excellence. This 110% increase highlights the company’s ability to maximize profitability while navigating the complexities of the power industry.
The company’s earnings before tax climbed by 61%, from N15.1 billion to N24.3 billion. This expansion reflects Geregu Power’s financial sustainability and ability to generate long-term value for its stakeholders.
Geregu Power has proposed an annual dividend of N20 billion, indicating its solid financial health and dedication to shareholder value.
This proposal demonstrates the company’s confidence in its continued success and commitment to compensating its investors.
The company has set new norms for corporate reporting in Nigeria by becoming the first listed entity to disclose its audited financial statement for the fiscal year ending December 31, 2023.
The financial statements were audited by the respected firm, PricewaterhouseCoopers and this timely disclosure demonstrates Geregu Power’s commitment to transparency while also setting a precedent for other Nigerian companies to follow.
In another pioneering initiative, Geregu Power became Nigeria’s first corporation to report on its internal control over financial reporting in accordance with existing legislation.
This stage is significant because it increases the integrity of the company’s financial reporting and strengthens investor confidence.