Geregu Power Plc(GPP), the first and only power generating company to list on the Nigerian Exchange Limited (NGX), has filed its nine months results ended September 30, 2022.
The results showed revenue of N39 billion in 2022, compared with N54 billion in the corresponding period of 2021.
The decline, according to the company, is as a result of a nationwide force majeure (FM) declared by Shell Petroleum Development Company Limited on the Forcados oil terminal pipeline, gas supplies to the plant by Its primary gas supplier were largely impacted in the 3rd quarter.
The company however adopted an effective cost-saving strategy that saw administrative cost reduced from N10.9 billion to N2.9 billion in 2022.
Consequently, operating profit stood higher at N16 billion, up from N15.1 billion in the nine months of 2021.
However, an increase in finance cost, largely attributable to the medium-term bond of N40.085bn issued by the company in 2022 for its planned acquisition, moderated the profit before tax (PBT) and profit after tax(PAT) to N13.9 billion and N10 billion respectively.
The power-generating firm ended the period under review with higher total assets of N171 billion, up from N115 billion in 2021. GPP had its 2.5 billion shares listed by introduction on the NGX at N100 per share, translating into N250 billion.
Commenting on the listing, the Executive Chairman of GPP, Mr. Femi Otedola, had said that it was an actualisation of a vision to bring world-class standards in governance, sustainability, and business processes to the company and the Nigerian electricity sector.