Geregu Power Plc, a Leading Power Generation Company, Showcases Strong Financial Performance.
Geregu Power Plc, a prominent power generation company based in Nigeria, has announced its unaudited accounts for the second quarter of 2023, revealing an impressive pre-tax profit of N6.9 billion. This figure represents a substantial increase compared to the N5.3 billion reported during the same period in 2022. The company’s performance showcases its commitment to providing the nation with efficient and reliable power solutions.
Geregu Power Plc, located in Ajaokuta, Kogi State, operates the Geregu Power Plant, which was constructed and commissioned by the Federal Government of Nigeria in 2007. The plant consists of three gas turbine generator units, producing a total installed capacity of 435 MW, contributing approximately 10% of Nigeria’s overall power generation.
During the second quarter of 2023, Geregu Power Plc achieved a remarkable revenue of N20.4 billion, a substantial increase from N15.2 billion in the corresponding quarter of the previous year. This notable revenue growth can be attributed to an increase in energy sales, which reached N12.5 billion, compared to N9.7 billion in the same period in 2022. The company’s enhanced capacity to generate and supply power to the national grid has played a crucial role in this achievement.
Additionally, the earnings per share for the quarter rose to N1.8, a significant improvement from N1.44 in the same period last year. This positive development reflects the company’s commitment to delivering value to its shareholders.
Furthermore, Geregu Power Plc demonstrated sound financial management by repaying loans amounting to N35.8 billion in the first half of the year, reducing its external debt burden. The company’s cash flow from operating activities reached an impressive N30.6 billion, enabling it to pay dividends of N20 billion to its stakeholders. Despite these expenditures, Geregu Power Plc maintains a strong financial position, with N44.3 billion in cash reserves.
The impressive financial results achieved by Geregu Power Plc in the second quarter of 2023 highlight the company’s commitment to excellence in power generation and its contribution to Nigeria’s energy sector. With its continued focus on operational efficiency and strategic growth, Geregu Power Plc is poised to play a significant role in meeting the nation’s increasing power demands.
For more information, please visit Geregu Power Plc’s official website at https://www.geregupowerplc.com/.
Note: The information provided is based on unaudited accounts and is subject to verification.
