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Geregu Power’s Profit Surges 71% to N27.4 Billion in 2024

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Geregu Power Plc

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.

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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