Geregu Power Plc, yesterday became the first listed company on the Nigerian Exchange Limited (NGX) to declare audited full year ended December 31, 2023 result and accounts with impressive outcomes in key financial parameters.
The power-generating company announced N24.3billion profit before tax in 2023, representing an increase of 61 per cent from N15.1billion reported in 2022.
After a N8.34 billion tax expenses, the company announced N16.05billion profit, an increase of 57.82 per cent from N10.17billion in 2022.
Following improved profits, the management of Geregu Power recommended the payment of N8.00 per share dividend payout to shareholders.
This translates into N20billion dividend in the 2023 financial year.
Also, the first listed electricity generation company (GenCo)’s on NGX announced N31.1billion operating profit, a growth of 110 per cent from N14.8billion in 2022, driven by N956million impairment reversal on financial assets and N502million income from “non-core business transaction”.
In the year under review, the company declared 74per cent increase in revenue from N47.6billion to N83billion in 2023, attributable to 79per cent growth in energy sold to N31.1 billion in 2023 from N 17.37billion in 2022 and 74per cent increase in capacity charge to N31.11billion in 2023 from N17.37billion in 2022.
Amid effective management, Geregu Power reported N7.8billion finance income in 2023 from N7.87billion in 2022, while finance cost stood at N14.55billion in 2023 from N7.33billion in 2022.
Highlights from statement of financial position revealed that Geregu Power’s total assets increased to N182.04billion in 2023 from N174.03biillion in 2022.
As total liabilities moved to N136.89billion in 2023 from N124.93billion in 2022, total equity stood at N45.15billion in 2023 from N49.10billion in 2022.
Geregu Power is one of Nigeria’s leading GenCos contributing to nearly 10 per cent of the nation’s total electricity generation.
Equipped with three Siemens gas-fired turbines, Geregu Power boasts an impressive total installed generating capacity exceeding 435 MW. In practice, the power plant consistently generates between 260 MW and 270 MW of electricity.
As part of its capacity expansion efforts, Geregu Power is in the process of acquiring an additional plant, Geregu Power Plant II, a 434MW gas-fired power project to boost power production in the country.
