Geregu Power Plc, Nigeria’s first publicly traded power company has released its financial results for the half-year ending 30 June 2023. The company recorded a gross profit of N18.2 billion during H1 2023, representing an 8% increase year-on-year from the N16.8 billion recorded in H1 2022.
In Q2 2023, the company recorded a gross profit of N11.2 billion, a 48.5% increase year-on-year from the N7.5 billion recorded in Q2 2022.
During the half-year under review, the company recorded an operating profit of N13.8 billion, a drop year-on-year from the N14.6 billion recorded in H1 2022. With a Profit Before Tax of N12.3 billion, the company recorded a Profit After Tax of N8.05 billion, an 11.5% drop year-on-year from the N9.1 billion Profit After Tax recorded in H1 2022.
During the period under review, energy sales and capacity charges accounted for N21.65 billion and N13 billion of the company’s revenue respectively. Gas supply and transportation cost the company N15.3 billion in H1 2022.
Away from the company’s half-year financial results. On Tuesday, July 18th, the shares of Geregu Power Plc reached a record-breaking high of N350 per share, leading to a surge in its market capitalization, which rose to N875 billion.
Geregu Power also recently revealed its intentions to collaborate with the Lagos State Government and the African Development Bank (AfDB) to undertake Nigeria’s inaugural public-private partnership (PPP) power transmission project. Investor confidence in this project has also contributed significantly to the increase in market capitalization.
In July 2022, the company issued an unsecured corporate bond worth N40.085 billion, with a tenor of 7 years and a coupon and effective interest rate of 14.5% and 14.70% respectively. The funds raised from the issuance of this bond will be utilized to finance the acquisition of a power generation company that the company is currently bidding for from the Bureau of Public Enterprises (BPE).
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