Geregu Power Plc, a prominent player in Nigeria’s energy sector, has announced a remarkable 110% surge in operating profit in its recently released 2023 audited financial statement.
This significant growth is a testament to the company’s robust business model and strategic initiatives, positioning it as a leader in the industry.
The company’s financial performance for the year ended December 31, 2023, showcases impressive gains across various metrics. Revenue climbed by 74%, from NGN47.6 billion to NGN83 billion, underlining Geregu Power’s expanding market presence and operational efficiency.
This revenue increase is particularly noteworthy, considering the dynamic and often challenging landscape of the energy sector in Nigeria.
The surge in operating profit, from NGN14.8 billion to NGN31.1 billion, is an indicator of Geregu Power’s effective cost management and operational excellence. This 110% increase highlights the company’s ability to maximize profitability while navigating the complexities of the power industry.
The company also recorded a 61% rise in profit before taxation, which increased from NGN15.1 billion to NGN24.3 billion. This growth demonstrates Geregu Power’s financial resilience and its capacity to generate sustainable value for its stakeholders.
In a move reflecting its strong financial health and commitment to shareholder value, Geregu Power has proposed a dividend of NGN20 billion for the year.
This proposal underscores the company’s confidence in its continued profitability and its dedication to rewarding its investors.
First to file audited accounts
Geregu Power’s achievement extends beyond its financial performance.
- The company has set new standards in corporate reporting in Nigeria by becoming the first listed entity to release its audited financial statement for the year ended December 31, 2023.
- The financial statement, audited by the prestigious firm PricewaterhouseCoopers (PwC).
- This timely disclosure not only reflects Geregu Power’s commitment to transparency but also sets a precedent for other Nigerian companies to follow.
In another pioneering move, Geregu Power became the first company in Nigeria to report on its internal control over financial reporting, in compliance with extant laws.
This step is significant as it enhances the credibility of the company’s financial reporting and reinforces investor confidence.