Geregu posts N83bn revenue as operating profit increases by 110%

Geregu Power Plc has released its 2023 audited financial statement, disclosing a year-on-year increase of 74 percent in revenue and a 110 percent growth in operating profit.

The audited financial statement was approved by the company’s board on January 29, 2023.

Geregu said N83 billion was generated as revenue between January and December last year, compared to the N47.6 billion turnover recorded in 2022.

The energy firm also reported a growth in its operating profit, after recording N31.1 billion in 2023, relative to the N14.8 billion recorded the previous year.

The financial statement, audited by PricewaterhouseCoopers (PwC), showed the company’s profit before taxation rose by 61 percent, from N15.1 billion in 2022 to N24.3 billion last year.

Geregu proposed a dividend of N20 billion for the year ended December 2023.