Geregu makes N137 billion, PAT up by 71%, declares dividend of N21.25 billion

geregu makes n137 billion, pat up by 71%, declares dividend of n21

Geregu Power Plc has introduced a formidable audited monetary 12 months consequence and accounts for full 12 months ended December 31, final 12 months with its Revenue Earlier than Tax (PBT) at N41 billion (a rise of 69 per cent from N24 billion declared in 2023 monetary 12 months).

The facility producing firm, quoted on Nigerian Trade Restricted (NGX), additionally introduced N27.4 billion Revenue After Tax (PAT) in 2024 (about 71 per cent enhance from N16 billion reported in 2023).

That is additionally the very best revenue the corporate has declared because it turned listed on the NGX and within the final 5 years.

The corporate had an impairment cost of N9.45 billion  within the 12 months finish 2024 carry its complete impairment on receivables from NBET to N16.2 billion which is about 12 per cent of the excellent sum at 12 months finish.

If the impairment fees had been to fall to a peer common of six per cent the corporate could have posted a revenue of N50 billion.

The corporate’s revenue surge was on the again of N137.13 billion income in 2024, about 65.3per cent from N82.91 billion in 2023.

The surge in revenues within the 12 months below evaluation was pushed by N87.5 billion power offered (a progress of 69 per cent from N51.8 billion in 2023) and N49.66 billion capability cost in 2024, representing a rise of 59.6 per cent from N31.11 billion reported in 2023.

With the double-digit enhance in earnings, the Board of Geregu Energy proposed a closing dividend of N8.50 per strange share, about N21.25 billion when in comparison with N20 billion in dividend paid to shareholders final 12 months.

Associated Information

From the revenue loss figures, Geregu Energy’s working bills diminished by 13 per cent from N13 billion incurred in 2023 to N9.5 billion within the 12 months below evaluation.

In 2024, Geregu Energy’s complete property stood at N243.5 billion, up by 33.7 per cent from N182 billion reported in 2023.

Non-current property elevated to N72.6 billion, up from N36.3 billion within the earlier 12 months, primarily pushed by property, crops, and tools.

The rise in property plant and tools is attributable to the N42 billion the corporate invested in finishing up a serious overhaul of its crops final 12 months.

Present property additionally rose to N170.8 billion, in comparison with N145.6 billion reported the earlier 12 months. Notably, commerce and receivables accounted for a good portion of this complete, amounting to N121.8 billion.

Geregu Energy additionally repaid bond and exterior borrowing of about N17.6 billion within the 12 months below evaluation whereas borrowing a further N9.7 billion.

The corporate’s inventory worth closed at N1,150 per share as of January 31, 2025.

The corporate is often one of many first to file its audited monetary statements and has persistently revealed leads to January of yearly because it turned a publicly quoted firm.

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