Geregu Power Plc has reported a 71% surge in profit after tax to N27.4 billion in its 2024 Full Year audited results, its highest earnings since listing on the Nigerian Exchange (NGX).
The company’s strong financial performance was driven by a 65.3% increase in revenue to N137.1 billion during the period under review.
The latest results confirm five consecutive years of profitability for the power-generating company with total assets expanding by 33.7% to N243.7 billion.
Geregu Power, the first power company to be listed on the NGX, continues to solidify its position as a key player in Nigeria’s electricity generation market.
Financial Metric |
2024 Value |
Change (%) |
Revenue |
N137.1 billion |
+65.3% |
Gross Profit |
N62.7 billion |
+47.1% |
Operating Profit |
N42.9 billion |
+37.9% |
Net Finance Cost |
N1.6 billion |
-76% |
Profit After Tax |
N27.4 billion |
+71% |
Earnings Per Share |
N10.97 |
+70.8% |
Total Assets |
N243.7 billion |
+33.7% |
While Geregu Power recorded significant gains, cash generated from operations declined by 43.6% to N31.3 billion while the company’s cash balance fell 43.1% to N39.9 billion.
Despite these declines, the company’s retained earnings increased by 16.8% to N51.3 billion, reflecting strong reinvestment strategies.
The company’s consistent profitability and rising revenue reinforce investor confidence in Nigeria’s power sector and position Geregu Power for further growth amid increasing energy demand.