Geregu Power Plc, led by Nigerian billionaire Femi Otedola, reported N50.43 billion ($40.38 million) in revenue for the first quarter of 2024.
In 2023, the company’s revenue topped $90 million, confirming its position as a leader in the electricity market.
Geregu Power has grown and expanded at an unparalleled rate under the visionary leadership of Femi Otedola, who also chairs FBN Holdings Plc, Nigeria’s leading financial services firm. In the first quarter of 2024 alone, the company’s sales increased by 254.38 percent compared to the same time in 2023, jumping from N14.23 billion ($11.4 million) to N50.43 billion ($40.38 million).
During the review period, revenue from total energy sales increased from N9.08 billion ($7.2 million) in the first quarter of 2023 to N31 billion ($24.82 million) in the first quarter of 2024, while revenue from capacity charges increased from N5.15 billion ($4.13 million) to N19.43 billion ($15.6 million), demonstrating strong performance across all revenue streams.
Geregu Power’s operational prowess was further demonstrated by a significant increase in operating profit, which rose from N5.79 billion ($4.65 million) to N21.76 billion ($17.47 million), as well as a rise in profit from N3.55 billion ($2.85 million) to N14.46 billion ($11.6 million) during the same period, nearly matching the profit generated in 2023.
With Femi Otedola at the helm, Geregu Power has entrenched its dominance in Nigeria’s energy generation scene, owning three natural gas-fired power plants totaling 435 megawatts, considerably adding to the country’s energy producing capacity.
Under Otedola’s leadership, Geregu Power plans to increase its overall capacity from 435 megawatts to 1,300 megawatts within the next two years, building on its strong financial performance in recent years.
This strategic plan represents the company’s ongoing commitment to meeting Nigeria’s growing energy demands while also increasing earnings and revenue through continued growth in the dynamic power industry.
