Geregu power Plc is a power generation company registered and domiciled at Itobe – Ajaokuta Express Road, Ajaokuta, Kogi State and its corporate office is situated at 13 Walter Carrington Crescent Victoria Island, Lagos, Nigeria.
The Geregu Power Plant was constructed by the Federal Government of Nigeria and commissioned into service on the 16th February 2007 to generate electric power and supply to the National Grid managed by the Transmission Company of Nigeria (TCN).
The Plant is owned and operated by Amperion Power Distribution Company Limited holding an 80% stake and 20% retained by Federal Government of Nigeria (jointly held by Bureau of Public Enterprise and Ministry of Finance Incorporated).
The Chief executive officer, of Geregu Power Plc, Akin Akinfemiwa said in a statement that Geregu is expecting N9.2 billion as net profit and N1.006 billion as net operating cash flow from operating activities in the second quarter of financial year 2024.
Akinfemiwa added that the company expect a revenue to increase to N38.172 billion in the period, cost of sales to be N17.373 billion and having a Gross profit of N20.799 billion.
He said the projected administrative expense is expected to be 6.5 billion which will reduce the operating profit to N14.306 million in the second quarter. The Net finance income is expected to be negative which will lead to tax income of N14.007 billion.
At the end of the period, Geregu Power operating cashflow before working capital change is expected to be about N15.7 billion. The market valuation increased to 2.5 trillion from N100 in oct 2022 when the company listed 2.5 billion at N100 per share. Over the last seven trading sessions ahead of Q1 earning release, its share price closed at N1000