Geregu Power records N14.46bn profit in Q1 2024

Geregu Power Plc has recorded N14.46 billion or 307.5 per cent profit growth in the first quarter (Q1) of 2024.

This was contained in the company’s financial results for Q1 2024.

The company recorded rapid growth in the period under review with revenue and profit for the quarter almost at par with what the firm recorded all of last year.

Revenue for the period came in at N50.42 billion, up 254 per cent compared to Q1 2023, and equivalent to 61 per cent of total 2023 revenue.

Profit for the period increased to 307.5 per cent to N14.46 billion, when compared to Q1, 2023, and it was also equivalent to 90 per cent of 2023 full-year after-tax profit.

Geregu Power’s Earnings Per Share (EPS) also rose to N5.78 in Q1 2024.

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The company’s basic earnings per share of N5.78 (March 2023: N1.42 kobo) is based on the profit attributable to ordinary shareholders of N14,461,232,000, and on the 2,500,000,000 ordinary shares.

Geregu Power stock trades at 92.77 price-to-earnings ratio on a PE ratio Trailing Twelve Months (TTM) basis.

Geregu Power’s outstanding term loans fell by 20.54 per cent to N16.57 billion in Q1 2024 as there was a repayment of N10.968 billion in the period.

The company also made advance payments of N24.55 billion for the major overhaul of its gas turbine as of March 2024.

In Q1 2024, it equally made a $4 million Bid Bond for the acquisition of Geregu II in favour of the Bureau of Public Enterprises with a validity period of May 23, 2024.

Contractual commitments include N1,742,400,000 – Bank Guarantee in favour of Palero Commodities Limited with a validity period of October 11, 2024; N36,693,563-Bond for the temporary importation of equipment without payment of import duty in favour of Nigerian Customs Service.

Geregu Power energy sold increased by 241 per cent to N31 billion in Q1 2024, compared to N9.08 billion in March 2023.

The Star