Geregu Power Plc, the first listed power company on the Nigerian Exchange Group, has recorded 307.3 percent increase in its profit after tax (PAT) in the first quarter of year 2024.
Basically, the power generating company made N14.46 billion in Q1 as against N3.54 billion recorded in Q1 of last year.
According the the financial statement submitted to the Nigerian Exchange Limited (NGX), the company generated N50.4 billion in revenue from electricity sales and capacity charges to Nigerians in the first quarter of 2024.
This represents a significant increase of 225 percent compared to the N14.2 billion earned in the first quarter of 2023.
Geregu Power recorded a profit before tax of N21.9billion up from the N5.3billion recorded in Q1 of last year, reflecting 307.8 percent growth.
During the review period, the company saw its profit after tax rose by 307.3 percent to N14.46 billion from N3.54 billion recorded in Q1 of last year. In the full year 2023, the company made N16.1billion net profit.
The net profit was above the company projection of N5.5billion Geregu Power took an income tax charge of N7.43billion, up from the N1.8billion in Q1 2023. The tax charges were higher than the N2.7bn projected for Q1 2024.
The power company also spent N21.5bn on the cost of sales involving gas supply and transportation, up from the N6.6bn spent on gas supply and transportation in Q1 2023.
A power-generating company, Geregu Power Plc, has announced a 254.37 percent year-on-year appreciation in its revenue to N50.42 billion in the first quarter of 2024 as against the N14.23 billion recorded in Q1 2023.
The result was released a day earlier than the firm’s Deputy Chief Executive, Julius Omodayo-Owotuga, disclosed at its recent annual general meeting in Lagos.
In the period under review, Geregu Power went from a negative position in its net finance income to N133.61 million on the back of a moderation in its finance costs from N3.141 billion to N2.29 billion as of March 2024.
ALSO READ: Yoruba Nation: Gov Adeleke beefs up security in Osun
and then