Geregu Power projects 100% growth in profits in 2024 Q2

Geregu Power Plc has released its earnings forecast projecting a 2024 second-quarter profit before tax of N14 billion.

This compares to a pre-tax profit of N6.9 billion reported in the second quarter of 2023 or a whopping 100% increase year on year.

If achieved this will be its best quarterly profits since it was listed in 2022.

Key highlights (2024 Q2 versus 2023 Q2)

• Revenue of N38 billion is forecasted versus N20.4 billion reported as actual a year earlier
• Operating Profit of N14.3 billion forecasted versus N8 billion a year earlier.
• Pre-tax profit of N14 billion forecasted versus N6.9 billion in the same period in 2023
• In terms of cash flow, Geregu Power is projecting cash receipts of N12.5 billion, however, it will pay about N11.4 billion for suppliers, salaries, and taxes.
• Net cash balance at the end of the quarter is expected to be N67 billion down from N70 billion reported earlier in the year.

The forecast was contained in a publication published on the NGX.