Geregu Power Plc has announced an impressive audited financial year result and accounts for the full year ended December 31, 2024, with its profit before tax at N41bn, an increase of 69 per cent from the N24bn declared in the 2023 financial year.
The power-generating company quoted on Nigerian Exchange Limited also announced N27.4bn profit after tax in 2024, about a 71 per cent increase from the N16bn reported in 2023.
The company said this is also the highest profit the company has declared since it became listed on the NGX and in the last five years.
In a statement on Monday, the power company said it had an impairment charge of N9.45bn in the year ending 2024, bringing its total impairment on receivables from NBET to N16.2bn which is about 12 per cent of the outstanding sum at the end of 2024.
If the impairment charges were to fall to a peer average of six per cent the company may have posted a profit of N50bn, it was stated.
“The company’s profit surge was on the back of N137.13bn revenue in 2024, about 65.3 per cent from N82.91bn in 2023.
“The surge in revenues in the year under review was driven by N87.5bn energy sold, a growth of 69 per cent from N51.8bn in 2023, and N49.66bn capacity charge in 2024, representing an increase of 59.6 per cent from N31.11bn 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 N21.25bn when compared to N20bn in dividend paid to shareholders last year,” the company announced.
From the profit loss figures, Geregu Power’s operating expenses reduced by 13 per cent from N13bn incurred in 2023 to N9.5bn in the year under review.
In 2024, Geregu Power’s total assets stood at N243.5bn, up by 33.7 per cent from N182bn reported in 2023.
Non-current assets increased to N72.6bn, up from N36.3bn in the previous year, primarily driven by property, plants, and equipment.
The increase in property plant and equipment is attributable to the N42bn the company invested in carrying out a major overhaul of its plants in 2024, it was reported.
Current assets have also risen to N170.8bn, compared to N145.6bn reported the previous year. Notably, trade and receivables accounted for a significant portion of this total, amounting to N121.8bn.
Geregu Power said it also repaid bond and external borrowing of about N17.6bn in the year under review while borrowing an additional N9.7bn. 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.
