Geregu Power Coy posts revenue of N71bn in 2021


1 Geregu Power, a newly listed power generation company, said its revenue amounted to 70.957 billion naira in fiscal 2021.

two The company said this in a corporate disclosure made available to the Nigerianorth exchange ltd., (NGX) on Tuesday.

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3 According to him, the figure represents an increase of 32.19 percent compared to the N53.677 billion recorded in fiscal year 2020.

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4 Its cost of sales grew by 21.98 per cent to N37.61 billion in 2021 from N30.84 billion recorded in the same period of 2020.
Gross profit stood at N33.34 billion in 2021 from N22.84 billion in 2020, an increase of 45.97%.

5 It posted an operating profit of N29.523 billion in 2021 from N19.103 billion in 2020, which is an increase of 54.54 per cent.

6 The company’s finance income fell 39.69 per cent to N948,064 million from N1,572 billion recorded in 2020, while finance costs increased to N948,064 million in 2021 from N26,956 million in 2020, a 3.459 percent increase.

Earnings before income tax rose to N29.512 billion, an increase of 42.93 per cent compared to N20.649 billion in 2020.
Additionally, the company paid N8.962 billion in company income taxes in 2021 to report a final profit of N20.5 billion for the fiscal year ending 2021.
Geregu power became the first power generating company listed on the Nigerian Exchange Ltd on Wednesday with 2.5 billion shares at N100 each.

News sourceCredit: YAYA

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