GEREGU Power Plc, in its 2023 audited financial statement, has disclosed a year-on-year increase of 74 percent in revenue and a 110 percent growth in operating profit.
According to the financial results approved by the company’s board, Geregu said it generated N83 billion as revenue between January and December 2023, compared to the N47.6 billion turnover recorded in 2022.
The energy firm also reported a growth in its operating profit, after recording N31.1 billion in 2023, relative to the N14.8 billion recorded the previous year.
The financial statement showed the company’s profit before taxation rose by 61 percent, from N15.1 billion in 2022 to N24.3 billion last year.
The financial report revealed that the next major gas turbines overhaul of the firm was estimated to cost N31.62 billion.
Fifty percent of the estimated costs are expected to be financed from the cash generated from the operations while the balance would be through debt.
“The sum of N7.61 billion is being used as cash collateral for the Letter of Credit established for the next gas turbines major overhaul,” part of the report said
Meanwhile, the Board of Directors of Geregu Power Plc has proposed a dividend of N8 per share for the 2023 financial year. In its financial report, the power company stated that the shareholders on its register as of January 29 will be paid N20 billion.
The proposed dividend is subject to shareholders’ approval at its next Annual General Meeting.
The chairman of the firm, Femi Otedola, who holds 1,245 units directly and 1,965.979,283 indirectly through Amperion Power Distribution Limited, would rake in N15.28 billion as dividend.