More Money for Otedola, Geregu Power Investors as Company's Revenue Skyrockets to N112 Billion
- Foremost power company, Geregu Power, has generated a revenue of N112 billion from its operations in Nigeria
- The N2 trillion valuation company owned by billionaire Femi Otedola has made remarkable growth in the first nine months of 2024
- As the only power company listed on the NGX, the company more than doubled the revenue it generated in the same period in 2023
Legit.ng journalist Victor Enengedi has over a decade's experience covering Energy, MSMEs, Technology and the stock market.
Geregu Power Plc announced revenue of N112.5 billion for the nine-month period ending September 30, 2024.
This reflects a 102% growth compared to the N55.7 billion recorded during the same period in 2023.
Source: Facebook
Geregu Power's stellar performance
According to the company's unaudited financial report released on Thursday, N71.4 billion was generated from energy sales, while N41.1 billion came from capacity charges, totalling N112.58 billion in revenue.
The energy company reported that its pre-tax profits doubled to N36.2 billion during the period, marking a 107% increase from the N17.4 billion recorded in the previous year.
Geregu Power also posted a profit after tax of N24.1 billion for the nine months, a significant rise from the N4.1 billion (111.9%) achieved in the same period in 2023.
Despite a rise in operating costs to N37.1 billion, the company’s gross profit climbed to N54.6 billion, up from N13.1 billion in 2023. Additionally, the company’s total assets grew to N221 billion.
Geregu Power commits to energy efficiency
Geregu Power, one of Nigeria’s leading generation companies (GenCos), contributes about 10% to the country’s total electricity supply.
The power plant, which features three Siemens gas-fired turbines, has an installed capacity exceeding 435 MW.
Under the leadership of Femi Otedola, chairman of Geregu Power Plc, the company aims to increase its electricity generation capacity to 1,200 megawatts (MW) in collaboration with Siemens Energy AG.
On May 31, Geregu announced that the two energy companies had signed a memorandum of understanding (MOU) to work together on solutions for expanding capacity at the Geregu 1 power plant.
This agreement is designed to promote sustainable, reliable, and efficient power generation while preserving asset longevity and supporting the growth and sustainability of Nigeria's electricity supply industry (NESI).
It would be recalled that in February 2024, Geregu Power exceeded a N2 trillion valuation mark on the NGX.
Otedola increases wealth by $300m in 2024
In related news, Legit.ng reported that Otedola's wealth has increased by $300 million since the beginning of the year.
This increase confirms his position as one of the wealthiest people in Nigeria and a top African business magnate.
According to Forbes, a U.S. business magazine that tracks the fortunes of the world's ultra-high-net-worth individuals, Otedola is currently the fourth richest person in Nigeria.
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Source: Legit.ng
