Company News
Geregu Power Posts N20.5 Billion Profit for 2021 FYE
Geregu Power has reported a 32.19% jump in revenue to N70.957 billion in the 2021 financial year from N53.677 billion recorded in 2020.
The new listed power-generating company Geregu Power has reported a 32.19% jump in revenue to N70.957 billion in the 2021 financial year from N53.677 billion recorded in 2020.
In the company’s financial statement obtained by Investors King, the cost of sales grew 21.98% to N37.61 billion, up from N30.84 billion achieved in the corresponding period of 2020.
Gross profit stood at N33.34 billion in the period under review, representing an increase of 45.97% from N22.84 billion attained in 2020.
Geregu reported a 54.54% increase in operating profit from N19.103 billion in 2020 to N29.523 billion in 2021.
However, finance income dipped by 39.69% to N948.064 million down from N1.572 billion reported in 2020. This was despite finance costs rising by a whopping 3,459% from N26.956 million in 2020 to N948.064 million in 2021.
Therefore, net finance income plunged to -N11.012 million from N1.544 billion achieved in 2020. Profit before income tax rose to N29.512 billion, an increase of 42.93% when compared to N20.649 billion in 2020.
The company paid N8.962 billion in company income tax in 2021 to report a final profit of N20.5 billion for the financial year ended 2021.
In October 2022, Geregu Power became the first power-generating company to be listed on the Nigerian Exchange Limited. The company listed 2.5 billion shares at N100 each.
Speaking on the company’s listing, billionaire Femi Otedola, the Chairman, Board of Directors and the largest shareholder of the company said “the listing of the company was the actualization of a vision to bring world-class standards in governance sustainability, and business processes to the Company and the Nigerian electricity sector.”
He added that “listing on the Main Board of the Exchange will ensure that the long-term growth of the company is assured and its benefits will be passed on to our esteemed shareholders”. Nigerian Exchange Limited continues to evolve in order to remain an attractive destination for issuers, meet the needs of our valued stakeholders and achieve the highest level of competitiveness.”