Geregu Power PBT Up 107.3% to N36.2bn in Nine Months

Kayode Tokede

Geregu Power Plc, yesterday on the Nigerian Exchange Limited (NGX) announced N36.2 billion profit before tax in its unaudited nine months ended September 30, 2024 result accounts, about 107.3per cent increase from N18.1 billion declared in corresponding nine month of 2023.

The company in the period reported a profit after tax of N24.1 billion, about 113per cent increase from N11.36 billion reported in nine months of 2023. 

A review of the company’s financial statements reveals that Geregu Power generated a total revenue of N112.58 billion in nine months of 2024, representing a 102per cent increase year-on-year from N55.75billion reported in nine months of 2023.

For the quarter ending September 2024, the company reported a revenue of N31.9 billion, up from N27 billion in the same period of 2023.

The revenue breakdown reveals that N71.4 billion was generated from energy sales, while N41.1 billion came from capacity charges.

Following improved profits in 2023 financial year, shareholders of Geregu Power approved the payment of N8.00 per share dividend payout.

Speaking to shareholders at the 12th Annual General Meeting (AGM) in Lagos, Chairman, Geregu Power, Mr. Femi Otedola stated that the company remains cautiously optimistic despite the challenges faced in the previous year.

“In 2024, Geregu Power aims to align our business operations with the global trend toward affordable, clean and efficient energy systems. This involves incorporating renewable energy sources into our power generation portfolio, a move that not only aligns with our sustainability goals but also positions us to capitalise on emerging market opportunities.

“Our commitment to innovation and sustainability, along with our strategic initiatives, positions us well to navigate the challenges and seize the opportunities that lie ahead,” he said.

Geregu Power is one of Nigeria’s leading GenCos contributing to nearly 10 per cent of the nation’s total electricity generation.

Equipped with three Siemens gas-fired turbines, Geregu Power boasts an impressive total installed generating capacity exceeding 435 MW. In practice, the power plant consistently generates between 260 MW and 270 MW of electricity.

As part of its capacity expansion efforts, Geregu Power is in the process of acquiring an additional plant, Geregu Power Plant II, a 434MW gas-fired power project to boost power production in the country.