Geregu Power Plc listed on the Utilities sector and Electric Power generation subsector has released its first quarter financial result for the period ended March 31, 2024, posting gross earnings of N50.43 billion.
The amount represents an increase of N36.198 billion or 254.38 per cent against N14.23 billion reported in the comparative period of last year.
The company revenue’s were driven by an increase in energy sold, totaling N31 billion for the quarter.
The company three months financial result submitted at the exchange showed that the company recorded pre-tax profit of N 21.90 billion, showing a growth of N16.836 billion or 313.79 per cent compared to N5.365 billion achieved in the same period of last year.
An analysis of the company result showed that gross profit rose by N21.425 billion, representing 306.8 per cent while operating profit up by 276 per cent to N21.7 billion from N5.781 billion recorded in the corresponding period.
The company paid tax of N7.438 billion from N1.817 billion it paid in the preceding year, bringing total profit after tax to N14.461 billion, indicating a surge of 308 per cent from N5.548 billion recorded in the same period of last year.
Finance income moved downward to N2.428 billion from N2.715 billion at the end of March 2022 while finance cost declined from N313.79 million in the preceding year to N16.835 million at the end March this year. Geregu Power has remained on growth profile since it was listed on the flow of Nigerian Exchange.
The company operating margins rises to 43.2 per cent against 40.7 per cent in the previous year.
