Geregu Power to Issue ₦40 Billion Unsecured Bonds

Geregu Power to Issue ₦40 Billion Unsecured Bonds

Geregu Power Plc.’s has concluded an arrangement to issue a series 1 offer of up to ₦40 billion, fixed rate senior unsecured bonds, under its ₦100 billion multi-instrument debt programme.

With the growth in the topline, Geregu Power’s bottom line was strengthened in the financial year 2021, according to the audited results obtained by MarketForces Africa. Detail shows that profit was higher despite pressures in the operating environment.

In the period, the company’s operating profit printed higher at N29.523 billion, significant growth of 54.5% when compared with N19.103 billion recorded in 2020. Overall, the company made more than N20 billion in profit in 2021, a significant jump from N14.125 billion recorded in the comparable year in 2020.

Increased profit level was attributed to growth in revenue, up from N53.676 billion in 2020 to N70.956 billion at the end of 2021. Chaired by billionaire investors, Femi Otedola, Geregu has about N150 billion as its total operating asset as of the year-end in 2021.

This represents a decline when compared with the company’s statement of financial position in the prior year when the total asset was N123.066 billion – due to a reduction in the carrying value of current and non-current assets. Geregu Power to Issue ₦40 Billion Unsecured Bonds