Geregu Power's Profit More Than Doubles To 15 Million In 9m 2024
- Geregu Power Plc's profit surged over 100 to N24.19 billion 15.1 million for the nine months ending Sept. 30, 2024.
- Revenue doubled to N112.58 billion 70.2 million, driven by increased energy sales and capacity charges during the same period.
- Total assets grew 21 to N221.09 billion 136.4 million, reflecting strong performance and ongoing investments in infrastructure.
Geregu Power Plc, a leading power company led by Nigerian billionaire Femi Otedola, has reported a sharp rise in profit for the nine months ending Sept. 30, 2024. The companys profit more than doubled , reaching N24.19 billion 15.1 million, compared to N11.36 billion 7.2 million in the same period in 2023, cementing its dominant position in Nigerias power sector.
The impressive growth was underpinned by a substantial 102 percent increase in revenue, which surged from N55.75 billion 34.5 million in 9M 2023 to N112.58 billion 70.2 million in 9M 2024. This growth was primarily driven by a rise in both energy sold and capacity charges.
Total energy sold climbed to N71.4 billion 44.5 million from N34.8 billion 21.5 million a year earlier, while capacity charges rose to N41.2 billion 25.7 million, up from N20.9 billion 12.9 million in the prior year.
Otedola's Geregu Financial transparency on displayGeregu Power, known for its transparency on the Nigerian Exchange, has once again become the first to publish its financials for the latest reporting period, underscoring its commitment to governance standards.
Founded in 2006, Geregu began supplying electricity to the national grid a year later. In 2013, a consortium led by Femi Otedolas Amperion Power acquired the company, investing 94 million in a plant overhaul that increased capacity to 435MW. Otedola took full ownership in 2021.