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By Chukwuma Umeorah
Geregu Power Plc has recorded a profit before tax (pbt) of N30.15 billion in the first half of 2024 from N12.29 billion representing a 145 per cent growth posted in the corresponding period in 2023.
The company’s interim unaudited financial statements for the period ended June 30, 2024, filed on the Nigerian Exchange Limited (NGX), at the weekend, showed that the company’s pre-tax profit grew by 23.6 per cent during the period under review, compared to the N24.38 billion recorded in the previous year.
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Geregu Power recorded a net profit of N20 billion between January and June 2024, marking a 148 per cent increase from the N8 billion reported in the same period of 2023. Its revenue surged by 132.52 per cent to N80.67 billion in the first half of 2024, compared to N34.69 billion in the first six months of 2023.
The primary revenue source during this period was energy sales, which amounted to N50.83 billion. Additionally, Geregu generated N10.41 billion from capacity charges. Gross profit rose to N41.47 billion in the review period of 2024, up from N18.16 billion in the corresponding period of the previous year.
The company’s total assets also grew, reaching N207.69 billion by the end of the first half of 2024, up from N182.04 billion as of the end of 2023. With a year-to-date (ytd) return of about 150 per cent, Geregu’s half year financial performance further solidifies its position as a top player in Nigeria’s power industry.
