Geregu Power post record pre-tax profit of N41.2 billion, up 69.5% 

The company went on to generate a profit after tax of N27.4 billion, a whopping 71% to N27.4 billion.

The company’s The power generation company has now reported 5 consecutive years of profitability as total assets rose to N243.7 billion.

The company’s profit surge was on the back of a 65.3% surge in revenues in the year under review. This is also the highest profit the company has declared since it became listed and in the last 5 years.

Geregu Power is the first power company to list on the NGX.

Geregu Power recorded revenue surges in Energy Sold and Capacity Charges printing N87.4 billion and N49.6 billion respectively. While energy sold rose 69%, capacity charge delivered a revenue jump of 59.4%.

The company’s total assets grew by 33.74% year-over-year, reaching N243.4 billion compared to N182 billion reported the previous year.  

Geregu Power also repaid bond and external borrowing of about N17.6 billion in the year under review while borrowing an additional N9.7 billion.

The company’s share price closed at N1,150 as investors digested details of the results. The company is typically one of the first to file its audited financial statements and has consistently published results in January of every year since it became a publicly quoted company.