Otedola's Geregu Power To Spend Over N27bn on Gas Turbine Strong Financial Performance in 2023

• Geregu Power is set to spend over N27 billion for gas turbine after impressive financial performance
• The power company owned by Nigerian billionaire Femi Otedola reported a 43% increase in revenue
• There were also improvement in the companies other key financial metrics

Geregu Power one of Nigeria's leading power generation firms has declared a very impressive financial performance in the first nine months of its 2023 fiscal year.

The power company in its unaudited interim financial statement, released on Nigerian exchange reported revenue of N39 billion from January to September 2023.

This is a 43 percent increase when compared to N55.75 billion reported in the corresponding period in the first 9 months of 2022.

The revenue was boosted by energy sold, which rose from N24.78 billion to N34.8 billion as of the end of September 2023.

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Additionally, capacity charges increased from N14.23 billion in the first 9 months of 2023 to N20.95 billion during the period under review, as reported by Punch.

More breakdown of Geregu financials

Further breakdown of Geregu financials shows a 52 percent increase in gross profit, reaching N28.89 billion at the end of the first nine months of 2023, compared to N18.95 billion in 9 months of 2022.

Also, in terms of basic earnings per share, the power company reported an increase to N4.54 (September 2022: N4. 1).

Earnings per share is based on the profit attributable to holders of the 2.500,000,000 ordinary shares of 50 Kobo each of the firm.

Geregu revenue source

Geregu Power's strong financial performance can be attributed to its control of Geregu I, a 435MW gas-fired power facility responsible for nearly 10 percent of the country's total electricity production.

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In its financial report, the company also revealed that it is planning its next major gas turbine overhaul, which will cost N27 billion.

Femi Otedola's Wealth Skyrockets by Over N24bn in One Week

Legit.ng earlier reported that the billionaire experienced a substantial surge in wealth, surpassing over N24 billion.

The remarkable growth was attributed to his strategic investments in two prominent companies, First Bank and Geregu Power, where he holds the position as the highest sole individual shareholder.

Source: Legit.ng