How Femi Otedola’s Power Company Aims to Generate $39.56 Million in Revenue Q1 of 2024

In the dynamic landscape of Nigeria’s power sector, Femi Otedola’s power company, Geregu Power Plc, is making waves with its ambitious financial goals. Led by the visionary billionaire entrepreneur Femi Otedola, this power giant is poised to achieve remarkable financial success in the first quarter of 2024.

Geregu Power Plc, under the astute leadership of Femi Otedola, is gearing up to generate an estimated N31.24 billion ($39.56 million) in revenue during the first quarter of 2024. This ambitious financial forecast, revealed in the company’s recently published earnings forecast, marks a substantial leap from the N14.23 billion ($18 million) earned in the same period of 2023. 

Geregu Power sets its revenue targets to N5.56 billion profit in Q1

Nigeria’s powerhouse, Geregu Power Plc, anticipates direct costs amounting to N16.76 billion ($21.2 million) during the first quarter of 2024. This represents a significant increase compared to the N7.26 billion ($9.2 million) recorded in the corresponding period of the previous year. Despite the challenges in its operating environment, the company managed to post a profit of N3.6 billion ($4.6 million) between January and March 2023.

According to the latest earnings forecast, Geregu Power is optimistic about achieving a gross profit of N14.48 billion ($18.34 million) for the first quarter of 2024. Additionally, the company is targeting a profit after tax of N5.56 billion ($7.04 million)—reflecting its commitment to sustained growth in the dynamic power sector.

Geregu started with a solid front

The firm’s financial success in 2023 set a solid foundation for its current projections. In the first nine months of 2023, Femi Otedola’s power company recorded a 43-percent surge in revenue, from N39 billion ($50.8 million) in 9M 2022 to an impressive N55.75 billion ($72.66 million) in 9M 2023.

How Geregu Power expanded its horizons

Geregu Power’s role in Nigeria’s power industry is underscored by its operation of Geregu I, a 435MW gas-fired power plant contributing significantly to the nation’s total electricity generation. The recent substantial overhaul of the plant in the third quarter of 2023 played a pivotal role in the company’s impressive financial performance.

As part of its strategic expansion plan, Femi Otedola’s power company is in the process of acquiring Geregu II, expected to increase its overall generating capacity by an estimated 434MW. This move reflects the company’s unwavering commitment to meeting Nigeria’s escalating energy demands and fostering continuous growth within the power sector.