A power-generating company, Geregu Power Plc, has announced a 254.37 per cent year-on-year appreciation in its revenue to N50.42bn in the first quarter of 2024.
In its interim financial statement filed with the Nigerian Exchange Limited on Tuesday, it revealed that the Q1 2023 revenue was N14.23bn.
The result was released a day earlier than the firm’s Deputy Chief Executive, Julius Omodayo-Owotuga, disclosed at its recent annual general meeting in Lagos.
In the period under review, Geregu Power went from a negative position in its net finance income to N133.61m on the back of a moderation in its finance costs from N3.141bn to N2.29bn as of March 2024.
Its profit increased by 307 per cent year-on-year to N14.46bn from N3.54bn in March 2023.
At its last AGM, the shareholder of Geregu Power Plc approved a dividend of N8 per share for the 2023 financial year.
Speaking to shareholders, the Chairman of Geregu Power, Femi Otedola, said, “In light of our strong financial performance in 2023, the board proposes a dividend distribution that reflects our commitment to rewarding our shareholders. The dividend declaration is not just a distribution of profits; it is a signal of our confidence in the company’s future and our commitment to sharing our success with those who have invested in us.”
In 2023, Geregu Power recorded a 74.11 per cent increase in revenue to N82.91bn from N47.62bn in the previous year.
This was the highest revenue it has earned in the last five years.
Meanwhile, the management of the power-generating firm restated its commitment to Nigeria’s power sector and expressed support for President Bola Tinubu’s power sector reforms.
In showing commitment to Nigeria’s power sector, the company took a significant step to align with new standards, amid the attainment of ISO 9001 and 14001 certifications from the Standard Organisation of Nigeria.
Speaking to journalists at the 2023 AGM, the Independent Non-Executive Director of the firm, Doron Grupper, stated that the company had invested a lot into plant transformation.
He said, “From the beginning, we invested 100m euros to bring the capacity to 435MW after the purchase of the plant.
“Right now, we have invested another 100m euros to bring us to 200m euros and including the purchasing altogether, we have invested 430m euros. Now, we are planning to invest much more because we hope to increase the capacity of the power station to 1,300MW once the issue with the Federal Government is resolved.”