Geregu Power Plc, Nigeria’s first listed power generation company, has reported a significant rise in its nine-month 2024 financial results, with pre-tax profits doubling to N36.2 billion, up 107% from N17.4 billion in the same period of 2023.
Profit after tax stood at N24.1 billion, indicating a compounded annual growth rate (CAGR) of 23% over five years.
Key financial highlights for the nine months include:
- Revenue: N112.5 billion (+102%)
- Gross Profit: N54.6 billion (+89.2%)
- Operating Profit: N37 billion (+80.1%)
- Pre-tax Profit: N36.2 billion (+107.4%)
- Profit after tax: N24.1 billion (+111.9%)
- EPS: N9.63 (+N4.54)
Geregu’s share price has surged by 188% year-to-date, reflecting investor confidence. The company projects a pre-tax profit of N53 billion by year-end, a 118% increase, despite operating at 50% capacity due to grid limitations.
The power sector’s favorable reforms, including tariff hikes and potential privatizations, have boosted Geregu’s operating environment. Investors are optimistic about future growth, with the company exploring potential acquisitions to expand capacity and revenue.
Geregu Power has also maintained consistent dividend payouts, making it attractive to income-focused investors. The company continues to deliver robust performance, positioning itself for sustained growth and shareholder returns.
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