Geregu Power Plc is expecting more than N9.2 billion as net profit in the second quarter of financial year 2024 versus N1.006 billion as net operating cash flow expected to be generated from its operating activities.
In a statement signed by its chief executive officer, Akin Akinfemiwa, the company expects revenue to print at N38.172 billion in the period.
The power-generating company said its cost of sales has been estimated at N17.373 billion, leaving Geregu Plc with N20.799 billion as gross profit.
The company stated that about N6.5 billion projected administrative expense is expected to reduce its operating profit to N14.306 billion in the second quarter. For Geregu Power, net finance income is expected to be negative in the period, leaving the estimated pretax profit at N14.007 billion.
The power-generating company forecasted a tax provision of about N4.8 billion.
At the end of the period, Geregu Power said its operating cash flow before working capital change is expected to settle at about N15.7 billion.
Geregu Power became the first power-generating company in the country to be admitted into the Mainboard of the Nigerian Exchange Limited by way of listing by Introduction on October 6. 2022.
The company, majorly owned by billionaire businessman, Femi Otedola’s 2.5 billion ordinary shares of 50 kobo each at N100 per share were admitted on the Exchange.
The listing of Geregu’s shares has added N250,000,000,000 billion to the market capitalisation of NGX further boosting liquidity in the Nigerian stock market and providing opportunities for wealth creation.
On its first trading day on the NGX, Geregu Power’s share gained 10 per cent to close at N110 per share from the N100 per share it was listed by introduction.
The gain pushed its market capitalisation to N275 billion from the N250 billion it was listed.
A total of 8.5 million shares of Geregu worth N935 million was traded in one day as its listing further boosted liquidity in the Nigerian capital.
