Geregu Power’s profit soar to N34.69bn

July 17, 2023

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Power generating company, Geregu Power Plc, said it earned N34.69 billion as revenue soared by 2.65 per cent in the first half of 2023 compared to N33.8bn recorded in the same period in the previous year.

This was disclosed in the unaudited interim statement of financial position of the Genco for the period ending June 30, 2023, which was filed with the Nigerian Exchange Limited.

Profits however, dipped by 11.52 per cent to N8.05 billion in contrast to N9.10 billion recorded as of June 30, 2022.

ENERGY TIMES reports that the total assets of the power company also experienced a dip as it stood at N155.48 billion at the end of June 30, 2023, compared to N174.03 billion at the end of December 2022, marking a 10.66 per cent depreciation.

Meanwhile, the Power company said it made advance payments of N8.783 billion to Italian firm, Ansaldo Energia, for the overhaul of its gas turbine as of the end of June 2023.

According to the report, as of December 2022, advance payment to the Italian firm was N4.616bn.

In April 2022, Ansaldo Energia signed a three-year contract with Geregu valued at €32m to conduct a major overhaul of the 435 MW Power power plant in Ajaokuta, Kogi State, Nigeria.

The three-year contract included the supply of spare parts which would be entirely manufactured by Ansaldo Energia in Italy, and the maintenance services, which would be performed by its subsidiary Ansaldo Energia Nigeria, based in Lagos. Activities would start in early 2023.

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According to Geregu’s financials, the major overhaul of the gas turbine was scheduled for Q3, 2023.Based on reports, this contract marked Ansaldo Energia’s first foray into the electricity sector of Nigeria. For Geregu Power, this represents the second major overhaul since the acquisition of the plant by Amperion Power Distribution.