Geregu Power’s FX losses dropped by 40% in nine months

Geregu Power Plc recorded N401.49 million in foreign exchange losses for the nine months ended September 30, 2024.

The company’s FX loss dropped by 40.12 percent compared to the N670.52 million FX loss recorded in the corresponding period of 2023.

In its unaudited financial statement released on Thursday, the electricity generation company (GenCo) said it incurred N1.2 billion cost on repair and maintenance of plant and machinery in the reviewed period — a 22.9 decrease from the N1.56 billion recorded in the previous year.

According to the report, included in the repair and maintenance of plant and machinery expenses are spare parts, tools, and consumables issued. 

Furthermore, Geregu Power said energy imports and regulatory charges gulped N6.6 million between the first quarter and the third quarter, highlighting a 34.3 percent decline from N10.14 million in the preceding year.

The energy firm also recorded personnel costs of N1.87 billion, up from the N1.49 billion recorded in the corresponding period of 2023 — signifying an increase of 25 percent.

Geregu Power also reported a revenue of N112.5 billion for the nine months ended September 30, 2024.

The company said N71.4 billion was generated from energy sales, while N41.1 billion was earned from capacity charges — bringing the total revenue to N112.58 billion.

Located in Ajaokuta, Kogi state, the company is operated by Amperion Power Distribution Company Limited (APDCL).

Amperion Power Distribution Company acquired the Geregu power plant in 2013.