Geregu makes N137 billion, PAT up by 71%, declares dividend of N21.25 billion
Geregu Power Plc has announced an impressive audited financial year result and accounts for full year ended December 31, last year with its Profit Before Tax (PBT) at N41 billion (an increase of 69 per cent from N24 billion declared in 2023 financial year).
The power generating company, quoted on Nigerian Exchange Limited (NGX), also announced N27.4 billion Profit After Tax (PAT) in 2024 (about 71 per cent increase from N16 billion reported in 2023).
This is also the highest profit the company has declared since it became listed on the NGX and in the last five years.
The company had an impairment charge of N9.45 billion in the year end 2024 bring its total impairment on receivables from NBET to N16.2 billion which is about 12 per cent of the outstanding sum at year end.
If the impairment charges were to fall to a peer average of six per cent the company may have posted a profit of N50 billion.
The company’s profit surge was on the back of N137.13 billion revenue in 2024, about 65.3per cent from N82.91 billion in 2023.
The surge in revenues in the year under review was driven by N87.5 billion energy sold (a growth of 69 per cent from N51.8 billion in 2023) and N49.66 billion capacity charge in 2024, representing an increase of 59.6 per cent from N31.11 billion reported in 2023.
With the double-digit increase in profits, the Board of Geregu Power proposed a final dividend of N8.50 per ordinary share, about N21.25 billion when compared to N20 billion in dividend paid to shareholders last year.Related News
From the profit loss figures, Geregu Power’s operating expenses reduced by 13 per cent from N13 billion incurred in 2023 to N9.5 billion in the year under review.
In 2024, Geregu Power’s total assets stood at N243.5 billion, up by 33.7 per cent from N182 billion reported in 2023.
Non-current assets increased to N72.6 billion, up from N36.3 billion in the previous year, primarily driven by property, plants, and equipment.
The increase in property plant and equipment is attributable to the N42 billion the company invested in carrying out a major overhaul of its plants last year.
Current assets also rose to N170.8 billion, compared to N145.6 billion reported the previous year. Notably, trade and receivables accounted for a significant portion of this total, amounting to N121.8 billion.
Geregu Power also repaid bond and external borrowing of about N17.6 billion in the year under review while borrowing an additional N9.7 billion.
The company’s stock price closed at N1,150 per share as of January 31, 2025.
The company is typically one of the first to file its audited financial statements and has consistently published results in January of every year since it became a publicly quoted company.
