By Kehinde Akinseinde-Jayeoba | Lagos
GEREGU Power Plc said it has projected to generate N18.17 billion in revenue for the second quarter ending June 2023.
This was according to the company’s Q2 2023 earnings forecast released to investing communities via the Nigerian Exchange (NGX).
The power firm also projected to rake in N8.79 billion in gross profits, while targets for a profit before and after tax were put at N6.94 billion and N4.84 billion, respectively. The projection for operating profits stood at N7.20 billion, forecasted taxation for the period was put at N2.10 billion.
It will be recalled that Geregu Power Plc had recently notified the Nigerian Exchange Limited and the investing public of the purchase of five per cent of its shares by the Fund for Export Development in Africa (FEDA), 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 five per cent of Geregu Power Plc Shares.
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.
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