Geregu Power posts nine-month revenue of N39 billion
In a bid to maintain strict compliance with its post-listing obligations, Geregu Power plc (GPP), the only power generation company listed on the Nigerian Exchange Limited (NGX), reported revenue of 39 billion naira for the nine months ended September 30. , 2022.
According to a statement seen by BusinessDay, revenue decreased by N54 billion in the corresponding period of 2021 due to a nationwide force majeure event declared by Shell Petroleum Development Company Limited on the terminal pipeline. oil tanker of Forcados, the supply of gas to the plant by its main gas supplier. was largely impacted in the third quarter.
Geregu Power said adopting an effective cost reduction strategy has reduced administrative costs from N10.9 billion to N2.9 billion in 2022.
He said operating profit was over N16 billion, up from N15.1 billion in the nine months of 2021.
“However, an increase in finance charges, largely attributable to the N40.085 billion medium-term bond issued by the company in 2022 for its planned acquisition, moderated profit before tax (PBT) and profit after tax (PAT). ) to N13. 9 billion and 10 billion naira respectively,” said a statement seen by BusinessDay.
The power generation company ended the reporting period with higher total assets of N171 billion, compared to N115 billion in 2021. Geregu Power had its 2.5 billion shares listed by IPO on the NGX at 100 naira per share, which translates to 250 billion naira.
Also Read: Explainer: What Geregu Power Means for the Nigerian Power Sector
Commenting on the listing, Executive Chairman of Geregu Power, Femi Otedola, said it was an update of a vision to bring world-class standards in governance, sustainability and business processes. to the company and the Nigerian electricity sector.
“Listing on the main board of the Exchange will ensure the long-term growth of the company and its benefits will be passed on to our esteemed shareholders,” he said.
An enthusiastic Chairman of NGX, Abubakar Mahmood said he was particularly pleased to have Geregu Power join the prestigious group of companies listed on our main board, which will differentiate it as a professionally run power company with high standards. , having satisfied NGX’s listing criteria.
“A listing on the main board of directors is a sign of commitment to strong corporate governance, excellence, professionalism, efficiency in the delivery of services and the delivery of increased returns to shareholders. We hope Geregu Power’s listing will encourage other power generation and distribution companies to list their shares on the stock exchange, thereby opening the sector to cheaper, long-term capital that will spur infrastructure development and growth. value creation,” he said.
In a similar vein, NGX Managing Director Temi Popoola said, “Listing is a promising development in the country’s power sector and we are delighted to welcome GPP to the Exchange.
According to him, the listing will improve GPP’s liquidity, increase its visibility to global investors, increase its value and enhance transparency, as our market is a solid platform to raise capital and enable sustainable growth for national development.