Nigeria-based power giant, Geregu Power Plc has recorded N14.46 billion (about 307.5 per cent profit growth) in the first quarter (Q1) of 2024.
The company’s financial results for Q1 2024 indicated a rapid growth in the period under review.
The profit and revenue it got for the quarter is almost at par with what the firm recorded all of last year.
Revenues at 254 per cent compared to Q1 2023 totalled N50.42 billion.
Its profit for the period increased to 307.5 per cent to N14.46 billion which was also equivalent to 90 per cent of 2023 full-year after-tax profit.
Geregu Power’s Earnings Per Share (EPS) also rose to N5.78 in Q1 2024.
Geregu Power stock trades at 92.77 price-to-earnings ratio on a PE ratio Trailing Twelve Months (TTM) basis.
Geregu Power’s outstanding term loans fell by 20.54 per cent to N16.57 billion in Q1 2024 as there was a repayment of N10.968 billion in the period.
In Q1 2024, it equally secured a $4 million Bid Bond for the acquisition of Geregu II in favour of the Bureau of Public Enterprises with a validity period of May 23, 2024.
Contractual commitments include N1,742,400,000 – Bank Guarantee in favour of Palero Commodities Limited with a validity period of October 11, 2024; N36,693,563-Bond for the temporary importation of equipment without payment of import duty in favour of Nigerian Customs Service.