Geregu Power, the brainchild of business magnate Femi Otedola, has announced a 60% surge in its bottom line, boasting a record profit of N16.1 billion for the year ended December 31, 2023.
The power-generating company revealed these figures in its audited earnings report released on Tuesday.
Following the disclosure of its financial performance, Geregu Power’s shares experienced a 4.6% increase on the Nigerian Exchange Limited.
According to the audited report, Geregu Power’s revenue surged to N82.9 billion, a 74.1% increase when compared to the 2022 financial year.
The surge in revenue was accompanied by a proportional increase in costs of sales, which accelerated by 71% to N38.1 billion.
Geregu Power spent N6.4 billion to overhaul plants and machinery during the year. That component alone accounted for nearly half of administrative expenses.
Pre-tax profit stood at N24.4 billion, advancing by 60.8 per cent, while after-tax profit rose to N16.1 billion from N10.2 billion one year prior.
Looking ahead, Geregu Power plans to reward its shareholders with a dividend payout of N8 per share, totaling N20 billion for the fiscal year.
That will earn Mr Otedola N15.9 billion in cash reward, considering the 78.6 per cent stake he holds in the company.
