The newly listed company on the Nigerian Exchange Group, Geregu Power Plc, lost N8. 2 billion, or 61 percent, of its revenue in the three months that ended in September 2022.
In its interim report at the time, it blamed gas supply issues for the decline in income. As a result, Geregu Power was able to improve its third quarter after-tax profit to N1.1 billion, a significant rise over the N239 million profit for the same period in 2021.
By the end of September 2022, revenue for the first nine months of trading had decreased by 28% to N39 billion.
Although tax expenses decreased by 33.5 percent, this only allowed the after-tax profit to fall by 11.4 percent to close at N10 billion.