Geregu Power records 102% growth in profit in nine months

Geregu Power Plc says it recorded a revenue of N112.5 billion for the nine months ended September 30, 2024, a 102 percent increase from the N55.7 billion recorded in the corresponding period of 2023.

In its unaudited financial statement released on Thursday, the company said N71.4 billion was generated from energy sales, while N41.1 billion was earned from capacity charges — bringing the total revenue to N112.58 billion.

It further noted that it doubled its pre-tax profits to N36.2 billion within the period, highlighting a growth of 107 percent from the N17.4 billion in pre-tax profits reported in the previous year.

Geregu Power said a profit after tax of N24.1 billion was earned in the nine-month period, higher than the N4.1 billion (111.9 percent) made in the corresponding period in 2023.

While operating costs surged to N37.1 billion, the generation company (GenCo) said its gross profit grew to N54.6 billion in the review period — up from N13.1 billion in the corresponding period of 2023.

The company’s total assets also grew during the period to N221 billion.

Led by Femi Otedola, the chairman of Geregu Power Plc, the organisation plans to raise electricity generation to 1,200 megawatts (MW), in partnership with Siemens Energy AG.

In a statement on May 31, Geregu had said both energy firms signed a memorandum of understanding (MOU) to jointly develop solutions for capacity expansion at the Geregu 1 power plant.

The deal intends to ensure sustainable, robust, and efficient power generation while maintaining the longevity of assets to support the growth and sustainability of the Nigeria electricity supply industry (NESI).

Geregu Power said various solutions were proposed for implementation during the signing ceremony, such as the “upgrade of Geregu 1 Power plant from its current capacity of 435MW to 500MW”.

On July 8, the NGX Regulation Limited (NGX RegCo) listed the GenCo among companies with high corporate governance practices.