GEREGU Power Plc, announced N36.2 billion profit before tax in its unaudited nine months ended September 30, 2024 result accounts, about 107.3 percent increase from N18.1 billion declared in corresponding nine months of 2023.
In its financial result for the period disclosed to the Nigerian Exchange Limited (NGX), the company reported a profit after tax of N24.1 billion, about 113 percent increase from N11.36 billion reported in nine months of 2023.
A review of the company’s financial statements revealed that Geregu Power generated a total revenue of N112.58 billion in nine months of 2024, representing a 102 percent increase year-on-year from N55.75 billion reported in nine months of 2023.
Revenue for the quarter, however, fell 33.2 percent short of a forecast by the power-generating firm in June, which expected turnover for the third quarter to top N42.5 billion and post-tax profit to reach N9.9 billion.
Operating profit for the nine-month period took a battering from impairment loss on financial assets, which accelerated to N10.2 billion from N3.1 billion a year ago.
The company scaled back its finance costs by 13.6 percent, following a lower interest expense on borrowings, helping moderate net finance costs by as much as 68.6 percent.
Income tax liability soared almost two times to N12.1 billion on the back of the significant current tax the organisation incurred compared to last year.
Geregu Power Plc recorded N401.49 million in foreign exchange losses for the nine months ended September 30, 2024.
The company’s FX loss dropped by 40.12 percent compared to the N670.52 million FX loss recorded in the corresponding period of 2023.
In its unaudited financial statement, the Electricity Generation Company (GenCo) said it incurred N1.2 billion cost on repair and maintenance of plant and machinery in the reviewed period — a 22.9 decrease from the N1.56 billion recorded in the previous year.
According to the report, included in the repair and maintenance of plant and machinery expenses are spare parts, tools, and consumables issued.
Geregu Power added that energy imports and regulatory charges gulped N6.6 million between the first quarter and the third quarter, highlighting a 34.3 percent decline from N10.14 million in the preceding year.
The energy firm also recorded personnel costs of N1.87 billion, up from the N1.49 billion recorded in the corresponding period of 2023 — signifying an increase of 25 percent.
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