Power sector: Geregu pockets N20bn profit in H1 2024

Geregu Power, a Nigerian electricity generation company, genco, has defied challenges facing the country’s power sector to quote a profit after tax of N20 billion in the first half of 2024 compared to N8 billion reported in the same period in 2023.

The genco disclosed this in a recent report on its financial standing.

This represents a 148 per cent year-on-year growth from the N8.05 billion recorded in H1 2023.

Accordingly, the genco quoted a pre-tax profit of N30.2 billion in H1 2024, representing a 145 per cent year-on-year basis.

The reported figure represents an increase from the N12.3 billion posted in the same period in 2023.

The company’s pre-tax profit during the period under review also rose by 24 per cent when compared to the N24.4 billion pre-tax profit recorded throughout 2023.

This suggests the company has now generated more profits in the first half of 2024 when compared to the whole of 2023.

Genco became the first firm listed on the Nigerian Exchange Limited to release its second-quarter interim result for 2024.

According to the company’s unaudited interim statement for the half-year 2024, it recorded a revenue of N80.7 billion, marking 133 per cent year-on-year growth from the N34.7 billion posted in the same period in 2023.

The bulk of the company’s revenue came from the sale of energy, which amounted to about N50.8 billion. The company recorded N29.8 billion in turnover from capacity charges.

Earlier in February 2024, the Minister of Power, Adebayo Adelabu, lamented that the sector is faced with liquidity, funding and operational cost challenges.