Grapevine

Geregu Power’s nine-month profit more than doubles after surge in energy sold

Geregu Power’s net profit for the first nine months of the year climbed by more than twofold, compared to the same period of 2023.

The performance was helped by a dramatic jump in the income from energy sold, according to its earnings report issued on Thursday.

The electricity provider, which is backed by Africa Export and Import Bank’s Fund for Export Development in Africa, reported a 102 per cent increase in turnover at N112.6 billion for the period.

Top line derived strength from a marked improvement in energy sold and capacity charge – the two biggest contributors to the company’s revenue pool – setting the tone for a much-stronger gross profit.

Revenue for the quarter to September, however, fell 33.2 per cent short of a forecast by the power-generating firm in June, which expected turnover for the third quarter to top N42.5 billion and post-tax profit to reach N9.9 billion.