Geregu Power Plc announced a revenue of N112.5 billion for the nine months ending on September 30, 2024, signifying a substantial 102 percent increase from the N55.7 billion recorded in the same period in 2023.
Gatekeepers News reports that the company’s unaudited financial statement unveiled that N71.4 billion was generated from energy sales, while N41.1 billion was earned from capacity charges, amounting to a total revenue of N112.58 billion.
Also, the energy firm reported a significant doubling of its pre-tax profits to N36.2 billion, marking a notable growth of 107 percent from the previous year.
The company also achieved a profit after tax of N24.1 billion during this period, which was a substantial increase from the N4.1 billion (111.9 percent) made in the corresponding period in 2023.
Despite a surge in operating costs to N37.1 billion, Geregu Power’s gross profit grew to N54.6 billion, up from N13.1 billion in the same period of 2023. The company’s total assets also grew during the period to N221 billion.
Geregu Power, a prominent GenCo in Nigeria, contributes approximately 10 percent of the country’s total electricity generation.
The power plant, equipped with three Siemens gas-fired turbines, boasts a total installed generating capacity exceeding 435 MW.
Under the leadership of Femi Otedola, the chairman of Geregu Power Plc, the company aims to increase electricity generation to 1,200 megawatts (MW) in collaboration with Siemens Energy AG.
The company had previously announced the signing of a memorandum of understanding (MOU) with Siemens Energy AG to jointly develop solutions for capacity expansion at the Geregu 1 power plant.
This partnership aims 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).
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”. Notably, on July 8, the NGX Regulation Limited (NGX RegCo) listed Geregu Power among companies with high corporate governance practices.
