Geregu Power Plc has announced its audited financial results for the year ended December 31, 2024, posting a record-breaking profit before tax (PBT) of N41 billion, representing a 69% increase from N24 billion in 2023.
The power generating company also reported a profit after tax (PAT) of N27.4 billion, a 71% increase from N16 billion in 2023. This is the highest profit the company has declared since its listing on the Nigerian Exchange Limited (NGX) and in the last five years.
The company’s revenue surged by 65.3% to N137.13 billion in 2024, driven by a 69% increase in energy sold and a 59.6% increase in capacity charge.
Geregu Power’s operating expenses reduced by 13% to N9.5 billion in 2024, while its total assets increased by 33.7% to N243.5 billion.
The company’s board has proposed a final dividend of N8.50 per ordinary share, totaling N21.25 billion, an increase from N20 billion paid to shareholders in 2023.
