Otedola’s Geregu Power Declares N30.2b Profit In 6 Months

Posted on July 16, 2024

Geregu Power Plc, a public quoted company chaired by energy tycoon, Femi Otedola, has reported a pre-tax profit of N30.2 billion in the first half of 2024, up 145% year on year from N12.3 billion in the same period of 2023.

This was disclosed by the company in the unaudited report filed with NGX on Friday.

Profit after tax for the period under review also rose by 2.45% to N20 billion compared to N8 billion reported in the same period in 2023.

The company’s pre-tax profit during the year under review also rose by 24% when compared to the N24.4 billion pre-tax profit generated throughout 2023.

This suggests that the company’s profits have increased in the first half of 2024 compared to the entire year of 2023.

Geregu Power is also an early flier becoming the first quoted company to release its second-quarter interim result for 2024.

Geregu Power is likewise an early flier becoming the first traded firm to report its second-quarter interim performance for 2024.

According to the company’s unaudited interim statement for the half-year 2024, sales were N80.7 billion, up 133% year on year from N34.7 billion in the same time in 2023.

The majority of the company’s revenue came from the sale of electricity, which totaled around N50.8 billion. The corporation generated N29.8 billion in revenue from capacity charges.

Geregu Power ended the period with a net profit of N20 billion, a 148% increase over the N8.05 billion recorded in H1 2023.

The company reported a revenue of N30.2 billion in the second quarter. The pre-tax profit for the period was N8.2 billion, up from N6.9 billion when compared to the N20.4 billion reported in the second quarter of 2023.

A closer look at the figures reveals that the company’s scorching first-quarter profits had a key role in its performance.

Recall that Geregu Power declared a pre-tax profit of N21.9 billion in the first quarter of 2024.