Geregu Power, a Nigerian Electricity Generation Company (GENCo), posted a profit after tax of ₦20 billion in the first half of 2024, compared to ₦8 billion reported in the same period in 2023.
This is great considering the challenges in the country’s power sector.
The genco disclosed this in a recent report on its financial status. This marks a 148 percent year-on-year growth from the ₦8.05 billion recorded in H1 2023.
Accordingly, the genco reported a pre-tax profit of ₦30.2 billion in H1 2024, representing a 145 percent year-on-year increase. This figure shows a significant rise from the ₦12.3 billion posted in the same period in 2023.
Additionally, the company’s pre-tax profit during the period under review increased by 24 percent compared to the ₦24.4 billion pre-tax profit recorded throughout 2023.
This indicates that the company has now generated more profits in the first half of 2024 compared to the entire year of 2023.
Geregu Power became the first firm listed on the Nigerian Exchange Limited to release its second-quarter interim result for 2024.
According to the company’s unaudited interim statement for the half-year 2024, it recorded a revenue of ₦80.7 billion, marking a 133 percent year-on-year growth from the ₦34.7 billion posted in the same period in 2023.
The bulk of the company’s revenue came from the sale of energy, which amounted to about ₦50.8 billion. Additionally, the company recorded ₦29.8 billion in turnover from capacity charges.
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