Geregu Power’s Quarterly Profit Soars More Than Sevenfold

Geregu Power Plc, one of the electricity generation companies in Nigeria, reported a profit before tax of N5.86 billion for the third quarter of this year, compared to N795.53 million in the same period in 2022. 

The company, which was listed on the Nigerian Exchange Limited just over a year ago, said its revenue for the quarter ended Sept. 30, 2023 umped to N21.05 billion from N5.20 billion in Q3 2022.

At N339.50 on Wednesday, its share price has more than tripled since the company, chaired by billionaire Femi Otedola, was listed on the stock exchange. Its market capitalisation stood at N848.75 million, making it one of the 10 most valuable companies.