Early Flier: Geregu Power publishes its 9-month interim results for 2022

Geregu Power Plc (GPP), the first and only power generation company to be listed Nigerian Exchange Limited (NGX), demonstrated a high level of corporate governance and compliance with post-listing obligations as the company filed its results for the nine months ended September 30, 2022.

The results showed revenues of 39 billion naira in 2022, compared to 54 billion naira for the corresponding period of 2021. The drop, according to the company, is the result of a nationwide Force Majeure (FM) event declared by Shell Petroleum Development Company Limited on Forcados oil. gas pipeline from the terminal, gas supplies to the plant by its main gas supplier were largely impacted in the 3rd quarter. The company has, however, adopted an effective cost reduction strategy that has reduced administrative costs from N10.9 billion to N2.9 billion in 2022.

Consequently, operating profit was N16 billion, compared to N15.1 billion in the nine months of 2021. However, an increase in finance charges, largely attributable to the medium term obligation of 40.085 billion naira issued by the company in 2022 for its planned acquisition, moderated profit before tax (PBT) and profit after tax (PAT) to 13.9 billion naira and 10 billion naira respectively.

The power generation company ended the reporting period with higher total assets of N171 billion, compared to N115 billion in 2021. GPP had its 2.5 billion shares listed by IPO on the NGX at 100 naira per share, which translates to 250 billion naira.

Commenting on the listing, the Executive Chairman of GPP, Mr Femi Otedola, said it was an update of a vision to bring world-class standards in governance, sustainability and business processes to the company and the Nigerian power sector.

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  • “Listing on the main board of the Stock Exchange will ensure the long-term growth of the company and its benefits will be passed on to our esteemed shareholders,” he said.

An enthusiastic president of NGX, Mr Abubakar Mahmood said he was particularly pleased that GPP had joined the prestigious group of companies listed on our main board, which will differentiate it as a professionally run electricity company with high standards, having met the listing criteria from NGX.

  • “A listing on the main board of directors is a sign of commitment to strong corporate governance, excellence, professionalism, efficiency in the delivery of services and the delivery of increased returns to shareholders. We hope Geregu Power’s listing will encourage other power generation and distribution companies to list their shares on the stock exchange, thereby opening the sector to cheaper, long-term capital that will spur infrastructure development and growth. valuable creation.,” he said.

Along the same lines, NGX’s CEO, Mr Temi Popoola, said: “The listing is a promising development in the country’s power sector and we are delighted to welcome GPP to the Exchange.”

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According to him, the listing will improve GPP’s liquidity, increase its visibility to global investors, increase its value and enhance transparency, as our market is a solid platform to raise capital and enable sustainable growth for national development.

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