Geregu Power Plc has revealed an outstanding audited financial year outcome and accounts for the complete year concluded on December 31, 2024, with its profit before tax recorded at N41bn, marking a 69 percent increase from the N24bn declared in the 2023 fiscal year.
The power-generating corporation listed on the Nigerian Exchange Limited also reported a profit after tax of N27. 4bn in 2024, representing approximately a 71 percent rise from the N16bn noted in 2023.
The company indicated that this is the highest profit it has reported since its listing on the NGX and over the past five years.
The power provider disclosed an impairment charge of N9. 45bn for the year ending 2024, elevating its total impairment on receivables from NBET to N16. 2bn, which constitutes about 12 percent of the outstanding amount at the close of 2024.
Should the impairment charges decrease to a sector average of six percent, the company might have achieved a profit of N50bn, it was noted.
“The company’s profit increase was supported by N137. 13bn in revenues for 2024, a rise of approximately 65. 3 percent from N82. 91bn in 2023.
“The increase in revenues during the reviewed year was propelled by N87. 5bn in energy sales, exhibiting a growth of 69 percent from N51. 8bn in 2023, and N49. 66bn in capacity charges in 2024, reflecting an increase of 59. 6 percent from N31. 11bn reported in 2023.
Another statement clarifies; “With the double-digit surge in profits, the Board of Geregu Power proposed a final dividend of N8. 50 per ordinary share, totaling about N21. 25bn compared to N20bn in dividends distributed to shareholders last year,” the company announced.
In terms of profit loss, Geregu Power’s operating expenses diminished by 13 percent from N13bn incurred in 2023 to N9. 5bn in the year under review.
In 2024, Geregu Power’s total assets amounted to N243. 5bn, reflecting a 33. 7 percent increase from N182bn reported in 2023.
Non-current assets rose to N72. 6bn, up from N36. 3bn in the prior year, primarily driven by property, plants, and equipment.
The growth in property, plant, and equipment is credited to the N42bn invested by the company in conducting a major overhaul of its plants in 2024, it was reported.
Current assets also increased to N170. 8bn, compared to N145. 6bn reported the previous year. Notably, trade and receivables comprised a substantial portion of this total, amounting to N121. 8bn.
