Geregu Power Plc has reported its record for the 2023 financial year, and it shows that the company witnessed its highest revenue growth last year following an increase in consumer demand for electricity. This led to increased profit and dividend payout to shareholders who invested in the company during this period.
Geregu Power Plc said it generated N82.91 Billion in revenue in 2023, representing a 74.11% increase from the corresponding year, which settled at N47.62 billion in 2022 FY.
Geregu Power Plc earnings can be attributed to a 79% growth in the sale of energy to N31.1 billion in 2023 from the corresponding year, which settled at N17.37 billion in 2022. Also, the firm capacity charge increased by 74% to N31.11 billion in 2023 from the corresponding year, which settled at N17.37 billion in 2022.
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The company, which was incorporated in 2006 and was listed on the Nigerian Exchange Limited (NGX) in 2022, reported that its lowest revenue was in 2022, where it reported a revenue of N47.62 billion, while 2023 revenue showed an increase of 74.11% to settle at N82.91 billion.
Geregu Power Plc report shows that the firm got N40.25 billion from the cost of sales, which signifies an increase of 64.4% from the corresponding year, which settled at N24.48 billion in 2022. The firm also generated N38.09 billion from gas supply and transportation in 2023, which was far from the corresponding year, which settled at N22.22 billion in 2022. Plant depreciation generated N2.15 billion in 2023 from the corresponding year, which settled at N2.25 billion in 2022 FY.
Geregu Power Plc's cost of sales/revenue declined by 48.54% in 2023 from the corresponding year, which settled at 51.4% in 2022. The firm gross profit settled at N42.66 billion in 2023 from the corresponding year, which represents 84.4% from the corresponding year, which settled at N23.14 billion in 2022.
Geregu Power Plc's non-core business income was N502.3 million in 2023 from the corresponding year, which settled at N153.25 million in 2022. This was attributed to FX gain, which the CBN introduced to unify the foreign exchange market last year.
Geregu Power Plc impairment reversal was N955.9 million in 2023 from the corresponding year impairment loss which settled at N3.73 million in 2022.
Read more: https://www.investingport.com/geregu-power-plc-generates-highest-revenue-in-2023-to-rise-by-7411/