Geregu Power Plc said it has projected to generate N18.17 billion in revenue for the second quarter ending June 2023. 

This is contained in its Q2 2023 earnings forecast released via the Nigerian Exchange (NGX) and seen by Nairametrics. 

The projections: The power firm is also projected to rake in N8.79 billion in gross profits. Targets for a profit before and after tax were put at N6.94 billion and N4.84 billion, respectively. While the projection for operating profits stood at N7.20 billion, forecasted taxation for the period was put at N2.10 billion. 

In case you missed it: Geregu Power Plc had recently notified the Nigerian Exchange Limited and the investing public of the purchase of 5% of its shares by the Fund for Export Development in Africa (FEDA). FEDA is the impact development arm of the Africa Export and Import Bank (Afreximbank).  

The purchase concluded on the 21st of February 2023 with the purchase agreed in on the 21st of December 2022. Following the purchase, FEDA now currently holds 5% of Geregu Power Plc Shares.  

Speaking on the development on the Arise Television monitored by Nairametrics, Mr. Akin Akinfemiwa, Chief Executive Officer of Geregu Power Plc noted that the development signals three messages to the market. 

  • “The first one is a testament to our adherence to world-class corporate governance practices, which is driven by our sterling management both in the board and at the management level. 
  • The second one is FEDA’s firm believe in our short, medium and long-term goals towards becoming the power company of choice in Nigeria and the West Africa region. 
  • “The third one which I consider as very significant is FEDA’s firm believe in Nigeria’s electricity supply industry as a key driver of structural transformation for trade on the African continent,” he said. 

Akinfemiwa noted that FEDA is also joining the corporation of China’s power company-Shangai Municipal Electric as an institutional investor who owns equity in Geregu Power. 

  • “They have been here before FEDA, and if you look at it, it opens the door for other institutional investors who may be a part of our growth as well as our success story,” he said.

 What you should know: Geregu Power Plc is the first GenCo to be listed on the NGX main board, a listing segment for well-established companies with demonstrable records of accomplishments. The listing of Geregu’s shares added N250 billion to the market capitalization of NGX, further boosting liquidity in the Nigerian capital market and providing opportunities for wealth creation.