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Home Markets Equities Company Results

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

Nathanael Disu by Nathanael Disu
July 14, 2023
in Company Results, Energy, Equities
Geregu Power post N6.9 billion in pre-tax profits for Q2 2023
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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

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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

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Nathanael Disu

Nathanael Disu

Nathanael Disu is a Financial Analyst at Nairametrics. He also runs a Financial Intelligence Bootcamp which helps individuals get better understanding of their Money.

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