“Geregu Power PLC, a company chaired by Mr. Otedola, has reported a pre-tax profit of N30.2 billion for the first half of the year. This marks a significant increase of 145% compared to the fiscal year 2023. The profit after tax also saw a substantial rise of 150%, reaching N20 billion for the first half of 2024, up from N8 billion in 2023.
Data from the company’s unaudited interim financial statement reveals a revenue of N80.7 billion, reflecting a growth of 133% from N34.7 billion in the previous year. The majority of this revenue, N50.8 billion, came from energy sales, while N29.8 billion was from capacity charges. Net profit for the period was N20 billion, showing a 148% increase from N8.05 billion in the first half of the previous year.
Key financial highlights for the first half of 2024 compared to 2023 include:
– Revenue: N80.7 billion, +133%
– Cost of sales: N39.2 billion, +137%
– Gross profit: N41.5 billion, +128%
– Administrative expenses: N5.0 billion, +109%
– Net finance cost: N260.3 million, -83%
– Profit before income tax: N30.2 billion, +145%
– Profit for the period: N20.0 billion, +148%
– Earnings per share (EPS): N8.01, +149%
– Cash and cash equivalents: N43.3 billion, -38%
– Total assets: N207.7 billion, +14%
Despite these impressive financial achievements, Geregu Power PLC faced challenges, particularly due to economic conditions such as inflation, which increased the cost of operations. Additionally, the company made debt payments totaling N10.5 billion during this period.
Geregu Power PLC stands out as one of the top-performing stocks in the first half of 2024.”
