JUST IN: Geregu Power net profit dips in half year as shareholders’ dividend dwindles

Geregu Power Plc revenue in the first half of 2023 rose to N34.69 billion, the electricity firm revealed in its H1 financial report for the year.

The company’s turnover during the period increased by 2.64 per cent compared to the N33.80 billion Geregu generated in the corresponding H1 last year….[Continue Reading]

This is just as the firm’s gross profit from January to June 2023 was N18.16 billion, surpassing the N16.83 billion reported during the same period in 2022.

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However, profit after tax fell by 11.51 per cent, as Geregu, a company largely owned by Femi Otedola, closed the period in review with N8.05 billion net profit, below the N9.10 billion posted in H1 last year.

Meanwhile, shareholders of the company will not receive dividends this year due to the N40.085billion debt Geregu owes to the bond market.

It may be recalled that in July 2022, Geregu issued N40.08 billion unsecured corporate bonds for a 7-year tenor at a coupon and effective interest rate of 14.5% and 14.70% respectively….[Continue Reading]

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