Geregu Power Plc, Nigeria’s pioneering power company listed on the Nigerian Exchange Group, has announced an impressive revenue of N50.4 billion from electricity sales and capacity charges in the first quarter of 2024.
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This marks a substantial surge of 225 percent compared to the N14.2 billion earned in the same period of 2023.
The company’s stellar performance extended to its profitability, with a profit before tax of N21.9 billion, a significant increase from the N5.3 billion recorded in Q1 of the previous year, reflecting an impressive growth rate of 307.8 percent.
During the review period, Geregu Power saw its profit after tax soar by 307.3 percent to N14.46 billion, up from N3.54 billion in Q1 of last year.
In the full year 2023, the company achieved a net profit of N16.1 billion, surpassing its projection of N5.5 billion.
However, the company also experienced an increase in income tax charges, amounting to N7.43 billion, compared to N1.8 billion in Q1 2023, exceeding the projected N2.7 billion for Q1 2024.
Additionally, Geregu Power allocated N21.5 billion to the cost of sales, primarily involving gas supply and transportation, a significant rise from the N6.6 billion spent on gas supply and transportation in Q1 2023.
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