Geregu Power grows revenue by 254.4% to N50.43bn

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Geregu Power Plc has recorded a 254.3 percent Year-on-Year (YoY) increase in its revenue to N50.43 billion for the first quarter ended March 31, 2024 (Q1’23) from N14.23 billion in the corresponding period in 2023.

The unaudited financial statement of the company for the three month period released at the Nigerian Exchange Limited (NGX) shows that the company also grew its profit before tax (PBT) by 306 percent to N21.90 billion in Q1’23 from N5.37 billion in Q1’2022.

The company’s earnings per share saw an impressive 307 percent increase to N5.78 from N1.42 in the corresponding period in 2022.

Its total assets rose to N195.77 billion during the review period from N182.04 billion in the corresponding period in 2022, representing a 7.5 percent increase.

Geregu Power had made history late last year by being the first electricity generation company (GenCo) to be listed on the NGX.

The company had listed 2.5 billion shares on the Main Board of the NGX at N100 per share.

The company has been enjoying positive investors’ sentiment as its shares have since risen to N1,000 per share as at the close of trading on Monday, April 8, 2024, delivering 900 percent price appreciation to investors since listing in October last year.

Speaking during the listing, Femi Otedola, chairman, Geregu Power, said it was the actualisation of the company’s vision to bring world-class standards in governance, sustainability, and business processes to the company and the Nigerian electricity sector.

Otedola said the listing on NGX’s main board would ensure that the long-term growth of the company is assured and its benefits would be passed on to their shareholders.

For the year ended December 31, 2023, the Board of Directors of the company approved N20 billion dividends, which amounted to N8.00 per share.

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