This was disclosed in the unaudited interim statement of financial position of the Genco for the period ending June 30, 2023, which was filed with the Nigerian Exchange Limited.
According to Geregu’s financials, the major overhaul of the gas turbine was scheduled for Q3, 2023.
Based on reports, this contract marked Ansaldo Energia’s first foray into the electricity sector of Nigeria. For Geregu Power, this represents the second major overhaul since the acquisition of the plant by Amperion Power Distribution. Meanwhile, the revenue of Geregu grew by 2.65 per cent to N34.69bn in the first half of 2023 compared to N33.8bn recorded in the same period in the previous year. Profits, however, dipped by 11.52 per cent to N8.05bn in contrast to N9.10bn recorded as of June 30, 2022.
The total assets of the power company also experienced a dip as it stood at N155.48bn at the end of June 30, 2023, compared to N174.03bn at the end of December 2022, marking a 10.66 per cent depreciation.All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.
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