Geregu Makes N137bn, PAT Up By 71%, Declares N21.25bn Dividend

Geregu Power Plc has announced an impressive audited financial year result and accounts for the full year ended December 31, 2024, recording a profit before tax of N41 billion, an increase of 69 per cent from the N24 billion declared in the 2023 financial year.

The power-generating company, which is quoted on Nigerian Exchange Limited (NGX), also announced an N27.4 billion profit after tax in 2024, about a 71 per cent increase from the N16 billion reported in 2023.

This is also the highest profit the company has declared in the last five since it became listed on the NGX.

The company had an impairment charge of N9.45bn in the year ending 2024, bringing its total impairment on receivables from NBET to N16.2bn, which is about 12% of the outstanding sum at year-end. If the impairment charges were to fall to a peer average of six per cent the company may have posted a profit of N50 billion.

The company’s profit surge was due to N137.13 billion in revenue in 2024, up about 65.3 per cent from N82.91 billion in 2023.

The surge in revenues in the year under review was driven by N87.5billion energy sold, a growth of 69per cent from N51.8billion in 2023, and N49.66 billion capacity charge in 22024, representing an increase of 59.6per cent from N31.11 billion reported in 2023.

With the double-digit increase in profits, the Board of Geregu Power proposed a final dividend of N8.50 per ordinary share, about N21.25 billion, which is an improvement on the N20 billion in dividends paid to shareholders last year.

According to the profit and loss figures, Geregu Power’s operating expenses declined by 13 percent—from N13 billion in 2023 to N9.5 billion in the year under review.

In 2024, Geregu Power’s total assets stood at N243.5 billion, up 33.7 per cent from the N182 billion reported in 2023.

Non-current assets increased to N72.6 billion, up from N36.3 billion in the previous year, primarily driven by property, plants, and equipment. The increase in property plant and equipment is attributable to the N42bn the company invested in a major overhaul of its plants in 2024.

Current assets also rose to N170.8 billion, compared to N145.6 billion reported the previous year. Notably, trade and receivables accounted for a significant portion of this total, amounting to N121.8 billion.

Geregu Power also repaid about N17.6 billion in bond and external borrowing in the year under review while borrowing an additional N9.7 billion.

The company’s stock price closed at N1,150 per share as of January 31, 2025.

The company is typically one of the first to file its audited financial statements and has consistently published results in January of every year since it became a publicly quoted company.