₦airaland Forum

Geregu Power Plc has announced an impressive audited financial year result and accounts for 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 bring 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.
From the profit loss figures, Geregu Power’s operating expenses reduced by 13 per cent from N13 billion incurred in 2023 to N9.5 billion in the year under review.

In 2024, Geregu Power’s total assets stood at N243.5 billion, up by 33.7 per cent from N182 billion reported in 2023.

Non-current assets increased to N72.6 billion, up from N36.3 billion in the previous year, primarily driven by property, plants, and equipment.

The increase in property plant and equipment is attributable to the N42 billion the company invested in carrying out a major overhaul of its plants last year.

Current assets also rose to N170.8 billion, compared to N145.6 billion reported the previous year. Notably, trade and receivables accounted for a significant portion of this total, amounting to N121.8 billion.

Geregu Power also repaid bond and external borrowing of about N17.6 billion in the year under review while borrowing an additional N9.7 billion.

The company’s stock price closed at N1,150 per share as of January 31, 2025.

The company is typically one of the first to file its audited financial statements and has consistently published results in January of every year since it became a publicly quoted company.

Ojuntana:
I thought power sector was having financial issues

How is a Genco profitable when a Disco is not

Nairalanda1

nairalanda1:
Power debt 1.7 trillion.

Better stop being cornfused

Ojuntana:
Who is owing who

You don start again

You claimed power companies can't make a profit because of tariffs too low

Now your see profit with dividend sharing you're diverting to debts

Why are you like this?

Is it for agbado, garri, beans or dodo

atobs4real:
The richest woman in Nigeria is moving fast.
Good news. Making profit in businesses is key 🔑

Ojuntana:
Who is owing who

You don start again

You claimed power companies can't make a profit because of tariffs too low

Now your see profit with dividend sharing you're diverting to debts

Why are you like this?

Is it for agbado, garri, beans or dodo

Ojuntana:
https://thenationonlineng.net/geregu-makes-n137-billion-pat-up-by-71-declares-dividend-of-n21-25-billion/

nairalanda1:
Why are you so cornfused dear lad?

Is the concept of profitability foreign to you, agbado man?

Projecting much

Anyway, enjoy your bad light. You pay for it. You and your government.

As for me, reality is the way

iLoveYouToo:
Just explain and stop being this way. Other readers can learn from your insights

iLoveYouToo:
Just explain and stop being this way. Other readers can learn from your insights

nairalanda1:
Well, when the chap I respond to has been abusing me for years and years, under different monickers when I did as you said...well a time comes when you don't throw your pearls before swine, as the good book said.

He's a confused lad. He thinks you can buy a Ferrari at 20 naira , that you can sell bread at one naira a loaf and anyone who disagrees with him is a tinubu supporter. And he denies a lot of things.

You can't argue with such people. Their game is to make you look foolish in the name of making their side look good. At the end you realize that for thy sanity, ye have to stop being intellectual and start laughing.


Am I not right, Ojuntana, darling?

iLoveYouToo:
I get it now. I’ll leave you two to your banter

Ojuntana:
I thought power sector was having financial issues

How is a Genco profitable when a Disco is not

Nairalanda1

mikeapollo:
Discos face more technical and financial challenges because they experience losses along the power chain, between where they evacuate power from the Genco and the point at which they sell to the consumer
Consumers manipulate and tamper with their meter readings in order not to pay the right bill but no one will dare go near an IPP to tamper with the readings

Iolo:
No Genco will produce without guarantee from
The Federal Government. This is because they have gas supplier agreements and those Gas suppliers won’t hear story (they can export the gas so have good alternatives if gencos don’t play ball). Genco’s like Geregu also have to pay for their gas in USD.

The FG covers the difference between what the Discos are able to charge (due to tariffs not being cost reflective) and what the Gencos supply. This is the electricity subsidy they talk about.

iLoveYouToo:
I get it now. I’ll leave you two to your banter

Ojuntana:
I apologise on behalf of nairalanda1


He's a pained stealth agbadorian who has been severely hurt by my expose on him

Pls do not count his tantrums

He has his moments of soberness I can assure you

atobs4real:
The richest woman in Nigeria is moving fast.
Good news. Making profit in businesses is key 🔑 to more success. Good one to the entire staff that work selflessly and added to the bottom lines