Geregu Energy Plant Generates N137bn, Declares N21.25bn Dividends
Geregu Energy Plc has introduced a powerful audited monetary yr consequence and accounts for the total yr ended December 31, 2024, with its revenue earlier than tax at N41bn, a rise of 69 per cent from the N24bn declared within the 2023 monetary yr.
The ability-generating firm quoted on Nigerian Alternate Restricted additionally introduced N27.4bn revenue after tax in 2024, a few 71 per cent enhance from the N16bn reported in 2023.
The corporate mentioned that is additionally the best revenue the corporate has declared because it grew to become listed on the NGX and within the final 5 years.
In an announcement on Monday, the ability firm mentioned it had an impairment cost of N9.45bn within the yr ending 2024, bringing its complete impairment on receivables from NBET to N16.2bn which is about 12 per cent of the excellent sum on the finish of 2024.
If the impairment expenses had been to fall to a peer common of six per cent the corporate might have posted a revenue of N50bn, it was said.
“The corporate’s revenue surge was on the again of N137.13bn income in 2024, about 65.3 per cent from N82.91bn in 2023.
“The surge in revenues within the yr underneath overview was pushed by N87.5bn vitality offered, a development of 69 per cent from N51.8bn in 2023, and N49.66bn capability cost in 2024, representing a rise of 59.6 per cent from N31.11bn reported in 2023.
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“With the double-digit enhance in earnings, the Board of Geregu Energy proposed a closing dividend of N8.50 per bizarre share, about N21.25bn when in comparison with N20bn in dividend paid to shareholders final yr,” the corporate introduced.
From the revenue loss figures, Geregu Energy’s working bills diminished by 13 per cent from N13bn incurred in 2023 to N9.5bn within the yr underneath overview.
In 2024, Geregu Energy’s complete property stood at N243.5bn, up by 33.7 per cent from N182bn reported in 2023.
Non-current property elevated to N72.6bn, up from N36.3bn within the earlier yr, primarily pushed by property, crops, and tools.
The rise in property plant and tools is attributable to the N42bn the corporate invested in finishing up a significant overhaul of its crops in 2024, it was reported.
Present property have additionally risen to N170.8bn, in comparison with N145.6bn reported the earlier yr. Notably, commerce and receivables accounted for a good portion of this complete, amounting to N121.8bn.
Geregu Energy mentioned it additionally repaid bond and exterior borrowing of about N17.6bn within the yr underneath overview whereas borrowing an extra N9.7bn. The corporate’s inventory worth closed at N1,150 per share as of January 31, 2025.
The corporate is usually one of many first to file its audited monetary statements and has persistently printed leads to January of yearly because it grew to become a publicly quoted firm.