For the first time, Geregu Power Plc has surpassed the N1 trillion market capitalization mark, earning its place among the elite SWOOT (Stocks Worth Over One Trillion) group of companies.
At the close of trading on January 15, 2024, Geregu Power Plc, the only power company listed on the Nigerian Exchange Group (NGX), saw its stock appreciate by 7.52%.
This increase in share price to N429 resulted in the company achieving a market capitalization of N1.07 trillion.
- Femi Otedola, the major shareholder in Geregu Power Plc, has recently seen a resurgence in his financial status, regaining his billionaire status.
- This wealth resurgence is attributed primarily to the appreciation of his shareholdings in FBN Holdings and Zenith Bank.
- Over the past 365 days, Geregu Power’s shares have shown remarkable growth, appreciating by 233%. The share price climbed from N149 on January 16, 2023, to N429 on January 15, 2024.
What you should know
Femi Otedola-led Amperion Power Distribution Company acquired an 80% shareholding in the 435 MW Geregu I Power Plant in 2013, leading to the creation of Geregu Power Limited.
- Subsequently, in October 2022, the company was listed on the Nigerian Exchange Group (NGX), transitioning to Geregu Power Plc.
- Since its listing, the market valuation has risen from around N250 billion to N1 trillion quadrupling in just under two years.
Results: For the nine months ending September 30, 2023 (9M 2023), Geregu Power Plc reported a revenue of N55.7 billion.
- This figure represents a 43% year-on-year increase compared to the same period in 2022.
- Additionally, the company recorded a net income of N11.4 billion during 9M 2023. This reflects a 13% year-on-year increase from the corresponding period in 2022.
