Geregu Power post N6.9 billion in pre-tax profits for Q2 2023

Geregu Power Plc has released its 2023 second quarter unaudited accounts showing pre-tax profits of N6.9 billion.

Key Highlights

This compares to a pre-tax profit of N5.3 billion reported same period in 2022.
Revenue for the quarter was N20.4 billion compared to N15.2 billion in the corresponding quarter of 2022.
However, earnings per share for the quarter also rose to N1.8 per quarter compared to N1.44 per quarter same period in 2022.
Further review of the company results reveal energy sold was N12.5 billion up from N9.7 billion a year earlier, suggesting the company was able to generate more power to the grid in the second quarter of the year.
Income from capacity charge also rose to N4.89 billion from N5.5 billion

Other key highlights

Cash flow generated from operating activities was N30.6 billion out of which it paid dividends of N20 billion and repaid loans.

The company reported it repaid loans of N35.8 billion in the first half of the year reducing its external loans.
The company still reported cash in the bank of N44.3 billion