Geregu electricity, the first publicly traded electricity business in Nigeria, reported N50.4 billion in revenue for the first quarter of 2024.
This represents a revenue of around 3.5 times the N14.2 billion reported at the same time previous year.
Being the first publicly traded firm to release its 2024 first-quarter profits, Geregu Power is a trailblazer.
The company’s bottom-line profitability growth was much stronger than its spectacular top-line performance.
Its pre-tax profit for the period under review rose an astonishing 300% from just N5.3 billion in the same period last year to N21.9 billion this quarter.
Read Also: Geregu Power Places N6.9 Billion In Pre-Tax Profits For Q2 2023
Key highlights
Revenue: N50.4 billion (+250% YoY)
Gross profit: N28.4 billion (+311%)
Operating profit: N21.7 billion (+280%)
Pre-tax profit: N21.9 billion(+300%)
Profit after tax: N14.4 billion (+311%)
Earnings per share: N5.78 (+300%)
Net Assets: N 39.6 billion
Retained Earnings: N38.3 billion
Share price: N1,000 per share
Read Also: Geregu Power Plans N27 Billion Funds for Gas Turbine Overhaul
Geregu Power continues on its path of profitability since its listing on the exchange, despite facing economic headwinds.
The company’s revenues were driven by an increase in energy sold, totaling N31 billion for the quarter, which is more than three times higher than the N9 billion posted a year earlier.
Additionally, the company saw its capacity charge rise from N5.1 billion to N19.4 billion.
We also observed that the company’s gross profit margin is 56%, compared to 48.6% recorded a year earlier, suggesting that while the company paid more for gas supply, it became more efficient in its operations.
In terms of operating profit margins, the company reached 43%, compared to 40.1%, indicating better expense management by the company in spite of a rise in inflation.
Geregu Power also had N51.8 billion in cash at the end of the quarter, after paying out N17 billion in dividends.
