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Geregu Power targets N5.56bn profit in Q1 2024

Geregu Power Plc, the first indigenous power firm listed on the Nigerian Exchange Limited has released its earnings expectation for the first quarter of the financial year 2024.

In a statement submitted to the Nigerian Exchange signed by its Chief Executive, Akin Akinfenwa and Chief Finance Officer Ganiyu Adisa, Geregu Plc expects to declare N5.56 billion as profit in the first quarter of 2024.

This comes in contrast to its cash flow from operation which is expected to settle at N590 million in the period. The company said it expects operating cash flow before working capital changes to settle at N9.79 billion in Q1-2024.

According to its latest regulatory filing, details from the forecast document showed that the company expects a profit of less than N6 billion, translating to about 18 per cent of its turnover amidst an expectation that revenue would be over N31 billion in the same period.

Geregu Power forecasts its revenue to hit N31.242 billion, out of which it expects to offset N16.759 billion as costs of sales.

This, the firm said would leave the power generating company with N14.482 billion as gross profit, while the company’s administrative expenses is expected to gulp N5.4 billion.

Net finance costs of about N800 million is expected to stand between the company’s operation profit of about N9.1 billion in the period and its pretax profit of N8.3 billion.

Geregu Power estimated about N2.4 billion as tax provision for the period, reducing its profit for the period to N5.56 billion.

At the close of the transaction on Friday, PUNCH Online reports that Geregu Power Plc traded 109.888 million shares valued at N39.73 million.

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