Geregu Power Plc has announced an impressive audited financial year result and accounts for the full year ended December 31, last year with its Profit Before Tax (PBT) at N41 billion (an increase of 69 per cent from N24 billion declared in 2023 financial year).
The power generating company, quoted on Nigerian Exchange Limited (NGX), also announced N27.4 billion Profit After Tax (PAT) in 2024 (about 71 per cent increase from N16 billion reported in 2023).
This is also the highest profit the company has declared since it became listed on the NGX and in the last five years.
The company had an impairment charge of N9.45 billion in the year end 2024 bringing its total impairment on receivables from NBET to N16.2 billion which is about 12 per cent of the outstanding sum at year end.
If the impairment charges were to fall to a peer average of six per cent the company may have posted a profit of N50 billion.
The company’s profit surge was on the back of N137.13 billion revenue in 2024, about 65.3per cent from N82.91 billion in 2023.
The surge in revenues in the year under review was driven by N87.5 billion energy sold (a growth of 69 per cent from N51.8 billion in 2023) and N49.66 billion capacity charge in 2024, representing an increase of 59.6 per cent from N31.11 billion reported in 2023.
With the double-digit increase in profits, the Board of Geregu Power proposed a final dividend of N8.50 per ordinary share, about N21.25 billion when compared to N20 billion in dividend paid to shareholders last year.
