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- Femi Otedola’s Geregu Power has delivered an impressive financial record in the first half of 2024
- The company announced a profit of N30.2 billion in the first half of 2024, solidifying its position in Nigeria’s power sector
- The firm’s half year’s revenue hit 132.5% yearly at N80.7 billion from N34.7 billion recorded in 2023
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
Geregu Power Plc, owned by billionaire Femi Otedola, has delivered a robust financial performance in the first half of this year.
The company’s half-year revenue reached a staggering N30.2 billion, solidifying its position as a top player in Nigeria’s power industry.
Source: Facebook
Revenue and profit increase
The company’s first-half revenue surged 132.5% yearly, reaching N80.7 billion from N34.7 billion recorded in the same period in 2023.
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The feat is linked to an increase in energy sold and capacity charge,
According to reports, its total energy sold hit N50.8 billion from N21.7 billion the year before, while capacity charge jumped to N29.8 billion from N13 billion.
The company’s profit growth exceeded revenue growth as its profit surged by 148.5% yearly, reaching N20.01 billion in the first half of 2024 and N8.05 billion in the first half of 2023.
The performance shows the effectiveness of the company’s strategies and solidifies its position among Nigeria’s most profitable firms.
The power company’s impressive financials are reflected in its increasing assets, which rose to N207.7 billion as of June 30, 2024, from N182.04 billion as of December 2023.
Its retained earnings remained steady at N43.9 billion despite a N20 billion dividend payment for 2023.
Geregu signs pact to boost power generation
Reports say the power company signed a Memorandum of Understanding with Siemens Energy in May this year to boost its power generation capacity from 435MW to 1,200MW.
The partnership aims to develop sustainable and efficient power generation solutions at its existing plant, extend its asset lifespan, and support the growth of Nigeria’s Electricity Supply Industry (NESI).
Geregu Power is reportedly bidding to acquire one of five power plants sold by the Nigerian government valued at about $1.15 billion, including the projected 434MW Geregu II gas plant.
Femi Otedola sells N399m worth of Geregu shares
Legit.ng reported that Femi Otedola, the chairman of Geregu Power Plc, has cashed out over N399 million from his investment in the company.
He made the money after selling 1 million units of his Geregu shares held through Amperion Power Distribution Company Limited.
The transaction details were disclosed in a corporate document submitted to the Nigerian Exchange Limited (NGX) on Wednesday, November 22, 2023.
Source: Legit.ng
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