Geregu Power, Nigeria’s first publicly listed power business, reported N50.4 billion in revenue for the first quarter of 2024.
This is over 3.5 times the N14.2 billion revenue reported during the same period last year.
Geregu Power is an early flier, having become the first publicly traded firm to declare first-quarter earnings for 2024.
The company followed up on its remarkable top-line performance with even greater bottom-line profitability growth.
Its pre-tax earnings for the time under review increased by an incredible 313%, from N5.3 billion in the same period last year to N21.9 billion this quarter.
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Key highlights
- Revenue: N50.4 billion (+254% YoY)
- Gross profit: N28.4 billion (+307%)
- Operating profit: N21.7 billion (+276%)
- Pre-tax profit: N21.9 billion(+308.2%)
- Profit after tax: N14.4 billion (+308%)
- Earnings per share: N5.78 (+307%)
- Net Assets: N 39.6 billion
- Retained Earnings: N38.3 billion
- Share price: N1,000 per share
Commentary
Geregu Power continues on its path of profitability since its listing on the exchange, despite facing economic headwinds.
- The company’s revenues were driven by an increase in energy sold, totaling N31 billion for the quarter, which is more than three times higher than the N9 billion posted a year earlier.
- Additionally, the company saw its capacity charge rise from N5.1 billion to N19.4 billion.
- We also observed that the company’s gross profit margin is 56.3%, compared to 48.6% recorded a year earlier, suggesting that while the company paid more for gas supply, it became more efficient in its operations.
- In terms of operating profit margins, the company reached 43.2%, compared to 40.7%, indicating better expense management by the company in spite of a rise in inflation.
- Geregu Power also had N51.8 billion in cash at the end of the quarter, after paying out N20 billion in dividends.