Geregu Power Plc has announced that it realised about N71 billion in turnover in 2021. According to an audited earnings report of the power company issued on Monday, substantial increases in the volume of energy sold and capacity charge were the drivers of growth that skyrocketed revenue by almost a third to N71 billion. The report stated that other income rose by 140.4 per cent higher, mainly spurred by the foreign exchange gain it made from trade conducted in currencies other than the naira during the period under review.
The company, according to the report made for 2021, a net profit level 45.5 per cent above the figure it announced a year earlier. The report stated that Geregu Power Plc had assets totalling N114.8 billion in value as of the end of 2021 and that profit before tax rose to N29.5 billion, more than two-fifths higher.
It also said that the bottom line accelerated to N20.6 billion by 45.5 per cent. That leaves a profit margin, which is how much of revenue that has turned into profit, at 29 per cent. Geregu Power Plc also adjusted its directors’ compensation package upward to N1.1 billion by about half of the figure recorded in 2020. This, according to the report, is a major pressure point for administrative expenses, which increased by 23.6 per cent to N5.5 billion.
It stated that net finance income was N11 million compared to N1.5 billion in 2020. It added that the company’s spending on servicing debt rose from N26.9 million to N959.1 million and the interest earned from bank deposits was below the value reported in 2020. Geregu Power was listed on Nigerian Exchange last Wednesday. It quoted 2.5 billion shares at an initial market value of N250 billion.
