By publishing its nine months of results ending September 30, 2022, Geregu Power Plc, the first and only power generating firm to list on the Nigerian Exchange Limited, has demonstrated that it is adhering to its post-listing responsibilities.
According to the findings, income fell to N39 billion in 2022 from N54 billion in the comparable period of 2021.
The business claims the reduction is due to a nationwide force majeure declaration by Shell Petroleum Development Company Limited on the Forcados oil terminal pipeline, which had a significant impact on the plant’s gas supply in the third quarter.
In its unaudited financial accounts for the third quarter of 2022, the company commented on the revenue shortfall and said that a countrywide Force Majeure had a detrimental impact.
It said, “The decline in revenue was largely due to gas supply constraints in Q3, 2022, which eventually led to the drop in the capacity delivered and energy sent out of 1314439Mwh as at 30 September 2022 as against Capacity delivered and Energy sent out of 1855920 Mwh as at 30 September 2021.”
The company said that in order to mitigate the impact of the shortage, it employed an efficient cost-saving approach, which caused administrative costs to drop from N10.9 billion to N2.9 billion in 2022.
The operating profit increased as a result, rising to N16 billion from N15.1 billion in the first nine months of 2021.
The profit before tax and profit after tax were lowered to N13.9 billion and N10 billion, respectively, by an increase in finance costs that was mostly caused by the medium-term bond of N40.085 billion that the business issued in 2022 for its intended purchase.
- Tags: #electricitysupply, #power, #revenue
