By Olawunmi Ashafa
Geregu Power, a newly listed power generating company, said its revenue stood at N70.957 billion in the 2021 financial year.
The company said this in a corporate disclosure made available to the Nigerian Exchange Ltd., (NGX) on Tuesday.
According to it, the figure represents a 32.19 per cent increase when compared with N53.677 billion recorded in the 2020 financial year.
Its cost of sales grew by 21.98 per cent to N37.61 billion in 2021 from N30.84 billion posted in the same period of 2020.
Gross profit stood at N33.34 billion in 2021 from N22.84 billion recorded in 2020, representing an increase of 45.97 per cent .
It recorded an operating profit of N29.523 billion in 2021 from N19.103 billion in 2020, representing an increase of 54.54 per cent.
The company’s finance income fell by 39.69 per cent to N948.064 million from N1.572 billion posted in 2020, while finance costs rose to N948.064 million in 2021 from N26.956 million in 2020, an increase of 3,459 per cent.
Profit before income tax rose to N29.512 billion, an increase of 42.93 per cent when compared to N20.649 billion in 2020.
Also, the company paid N8.962 billion in company income tax in 2021 to report a final profit of N20.5 billion for the financial year ended 2021.
Geregu power became the first power generating company to be listed on the Nigerian Exchange Ltd on Wednesday with 2.5 billion shares at N100 each. (NAN)
