Geregu Power Plc has achieved a significant milestone by surpassing the N1 trillion market capitalization mark for the first time, marking its inclusion in the prestigious SWOOT group.
At the conclusion of trading on January 15, 2024, the exclusive power company listed on the NGX experienced a notable 7.52% appreciation, closing at N429 per share and securing a market capitalization of N1.07 trillion.
Femi Otedola, a prominent shareholder in Geregu Power Plc, has recently reclaimed his billionaire status, propelled by the increased value of his shares in FBN Holdings and Zenith Bank. Over the past 365 days, Geregu Power’s shares have witnessed a remarkable 233% appreciation, rising from N149 on January 16, 2023, to N429 on January 15, 2024.
Key background information reveals that Femi-Otedola, through his leadership in Amperion Power Distribution Company, acquired an 80% stake in the 435 MW Geregu I Power Plant in 2013, leading to the establishment of Geregu Power Limited. The Federal Government retains the remaining 20% stake in the power plant. Subsequently, in October 2022, the company successfully listed on the NGX, officially becoming Geregu Power Plc.
In the first three quarters of 2023, Geregu Power recorded impressive financial results, with a revenue of N55.7 billion, marking a substantial 43% year-on-year increase from the corresponding period in 2022. Additionally, the company achieved a net income of N11.4 billion during the same period, reflecting a notable 13% year-on-year gain.
As of September 30, 2023, Geregu Power witnessed an 18% decline in its equity from December 31, 2022, decreasing from N49.10 billion to N40.46 billion.
However, anticipation surrounds the forthcoming financial statements for the full year 2023, as there is a projected increase in equity. This projection stems from Femi Otedola’s strategic decision to reduce his shareholding in the company from 96% to approximately 80% through the sale of shares.
