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Geregu Power Plc Announces N14.46bn Profit in Q1 2024

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Geregu Power Plc

Geregu Power Plc has announced a profit of N14.46 billion for the first quarter (Q1) of 2024.

This represents a 307% increase when compared to the same period last year.

The power-generating company, known for its pivotal role in Nigeria’s energy sector, disclosed its outstanding financial results in its interim financial statement filed with the Nigerian Exchange Limited on Tuesday.

This disclosure comes shortly after the firm’s Deputy Chief Executive, Julius Omodayo-Owotuga, hinted at the promising financial outlook during the company’s recent annual general meeting held in Lagos.

According to the interim report, Geregu Power Plc’s revenue surged to N50.42 billion in the first quarter of 2024, representing an increase of 254.37% year-on-year appreciation.

The company’s net finance income transitioned from a negative position to N133.61 million. This positive momentum was supported by a moderation in finance costs, which decreased from N3.141 billion to N2.29 billion as of March 2024.

Speaking to stakeholders at the recent annual general meeting, Femi Otedola, Chairman of Geregu Power, expressed satisfaction with the company’s exceptional financial performance in 2023.

Otedola highlighted the board’s decision to propose a dividend distribution of N8 per share for the 2023 financial year as a testament to their commitment to rewarding shareholders and confidence in the company’s future prospects.

The robust financial results for the first quarter of 2024 further solidify Geregu Power’s position as a leading player in Nigeria’s energy landscape.

The company’s commitment to operational excellence, strategic investments, and adherence to international standards, such as obtaining ISO 9001 and 14001 certifications from the Standard Organisation of Nigeria, underscores its dedication to driving sustainable growth and value creation.

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

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Dangote Urges NNPC, Marketers to Halt Petrol Imports and Source Locally from Lagos Refinery

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Aliko Dangote - Investors King

The founder and Chief Executive of Dangote Group, Aliko Dangote, has urged the Nigerian National Petroleum Company (NNPC) and independent oil marketers in Nigeria to halt petrol imports and source the product from his Lagos refinery.

Dangote made this appeal on Tuesday at the State House, Abuja, while addressing Nigeria’s fuel scarcity issue after a meeting with President Bola Tinubu.

According to the business mogul, the country should not rely on petrol imports when his refinery has over 500 million litres in storage.

Investors King reported that oil dealers in Nigeria resumed importing petrol from abroad, claiming Dangote’s refinery could not meet demand. The marketers said they turned to foreign refiners to avert fuel shortages.

During the press briefing at the State House, however, Dangote emphasized that he should not be blamed for the scarcity or the long queues at petrol stations, as he is only a producer, not a retailer.

Dangote revealed that the NNPC’s reluctance to buy from his refinery costs him money daily.

He explained, “We are producers. I have a refinery. I’m not in the business of retail. If I were, then you could hold me responsible. But what I’m saying is that the retailers should please come forward and pick up the supply. If they don’t, what do you expect me to do? There is nothing I can do.”

“I expect either the NNPC or marketers to stop importing and collect the supply we have here. Keeping millions of litres in storage costs me daily,” Dangote added.

Fuel scarcity has plagued Nigeria since Bola Tinubu announced the end of the fuel subsidy upon assuming office. Despite the establishment of Dangote Refinery in Lagos, Nigerians hoped that petrol scarcity would soon be a thing of the past. While the refinery promised 650,000 barrels per day, the problem persists with no end in sight.

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Dangote Cement Sees 69% Revenue Hike Amid Sluggish 0.6% Profit Growth in Q3

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Dangote Cement - Investors King

Dangote Cement reported sluggish profit growth as profit after tax inched slightly higher by 0.6% by N279.1 billion in the first nine months ended September 30, 2024.

In the company’s unaudited financial statements obtained by Investors King, group revenue rose 69.1% to N2.560 trillion while EBITDA appreciated 37.1% to N908.7 billion.

Earnings per share appreciated by 2.9% to N16.55 and net debt stood at N1.050 trillion. See other details below.

Dangote Cement Financial highlights

• Group revenue up 69.1% to ₦2,560.6B
• Group EBITDA up 37.1% to ₦908.7B; 35.5% margin
• Nigeria EBITDA up 37.3% to ₦697.4B; 45.5% margin
• Pan-Africa EBITDA up 45.4% to ₦247.1B; 22.6% margin
• Profit after tax up 0.6% at ₦279.1B
• Earnings per share up 2.9% at ₦16.55
• Net debt of ₦1,050.5B; net gearing of 48.6%

Operating highlights

• Group volumes up by 1.9% to 20.7Mt
• Rebound in Nigeria volumes, up 9.5% to 13.2Mt
• Exported 22 ships of clinker from Nigeria to Ghana and Cameroon
• Nigeria cement and clinker exports up 75.5% at 873Kt ESG highlights
• Commissioned 11 of the 17 Alternative Fuel Projects across the Group
• Arrival of 1500 full CNG trucks to support cost saving initiatives

Arvind Pathak, Chief Executive Officer, said: “Our financial results for the nine months period demonstrate superior performance across key metrics, as we diligently execute our strategic priorities for the year. Group volumes grew by 1.9% year-on-year to 20.7Mt, largely due to a significant rebound in Nigeria. This growth was supported by promotional activities and enhanced route-to-market solutions, which helped mitigate the impact of adverse
weather conditions.

Despite the challenges of elevated inflation, high borrowing costs, and further currency depreciation that characterized the nine-month period, our business showed remarkable resilience. This was achieved through a strong focus on cost minimisation and our diversified business model.

Group revenue surged by 69.1% to ₦2,560.6 billion, while EBITDA increased by 37.1% to ₦908.7 billion. As such, PAT closed at ₦279.1 billion, a modest 0.6% increase on the back of FX loss. Both our revenue and EBITDA for the nine-month period have already exceeded our full-year 2023 performance, with additional growth potential anticipated in the last quarter. I am pleased with the Company’s overall performance, as key financial indicators are
showing positive trends.

Leveraging our robust export-to-import strategy, Dangote Cement successfully completed 22 shipments of clinker from Nigeria to Ghana and Cameroon. This effort resulted in a 75.5% increase in our Nigerian exports, highlighting our commitment to promoting Africa cement self-sufficiency.

Looking ahead, our key focus remains on enhancing efficiency and delivering greater value. We will continue to prioritise innovation, cleaner energy transition, and cost leadership towards achieving our vision of transforming Africa and building a sustainable future.”

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Nigeria’s CAP Plc Reports Robust Q3 Growth, Profit Before Tax Soars 204%

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Chemical & Allied Products (CAP) Plc - Investors King

Chemical and Allied Products Plc, one of the leading paints and coatings companies in Nigeria, grew revenue by 47% in the third quarter ended September 2024 to N8 billion.

The company disclosed in its unaudited financial statement obtained by Investors King.

Gross profit jumped 58% to N3.5 billion while gross margin did 43% in the period under review. Operating profit rose by a whopping 185% to N1.2 billion. Check other financial details below.

Key Financial Details for Q3 2024

• N8.0 billion revenue, 47% higher than Q3 2023.
• Gross profit 58% higher at N3.5 billion. Gross margin of 43%, 3 percentage points higher.
• Operating profit 185% higher at N1.2 billion. Operating margin of 15%, 7 percentage points higher.
• Profit before tax of N1.3 billion, 204% higher than N414 million recorded in Q3 2023.

Key Financial Details for 9M 2024

• N23.7 billion revenue, 55% higher than 9M 2023.
• Gross profit 55% higher at N9.0 billion.
• Operating profit 71% higher at N2.8 billion. Operating margin of 12%, 1 percentage point higher.
• Profit before tax of N3.9 billion, up 69% from N2.3 billion in 9M 2023.

Commenting on the results, Managing Director, Bolarin Okunowo, stated: “We are pleased to report a strong set of results for Q3 2024, demonstrating the resilience of our business model and our ability to navigate a challenging operating environment. We recorded growth in revenue, operating profit, and profit before tax of 47%, 185%, and 204% respectively.

“This was achieved by executing our strategic growth objectives and prioritizing operational efficiency. Looking ahead to the last quarter of the year, we remain focused on delivering profitable growth and enhancing our customer experience.”

 

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