Geregu Power Plc has announced a final dividend of N8.50 per ordinary share for the period ending December 31, 2024, an increase from the N8.00 per share paid to registered shareholders the previous year.
This announcement was detailed in a corporate action issued by the company and received by Nairametrics.
The final dividend will be available to shareholders listed in the company’s register of members as of the close of business on 13 March 2025.
Following this date, Geregu will close its shareholder register on 14 March 2025, with payments scheduled for 28 March 2025.
Shareholders who have not yet completed the e-dividend registration process were encouraged to do so, as dividends will be paid electronically into their bank accounts.
What to know
- The final dividend for the period ending 31st December 2024 is subject to withholding tax.
- The qualification date is set for 13th March 2025, after which dividends will be paid electronically on 28th March 2025 by the company registrar.
- Meristem Registrars and Probate Services Limited is designated as the company registrar.
- Unclaimed dividends are being held by the registrar for shareholders who have not yet mandated their share accounts.
Performance
Geregu Power recently published its financial results for 2024, reporting a pre-tax profit of N41.2 billion, which is up 69% from N23.4 billion the previous year.
- The company’s revenue jumped by 65.39%, going from N82.9 billion to N137.1 billion.
- Energy sales made up N87.4 billion, or about 63.8% of total revenue.
- Capacity charges added another N49.6 billion, making up the rest.
Even though costs went up significantly, with the cost of sales rising by 84.85% to N74.3 billion, Geregu still managed a gross profit of N62.7 billion, a 47.04% increase from last year.
- Profits from core operations reached N42.9 billion, compared to N31.1 billion the year before.
- Finance income also grew by 9.52%, hitting N8.5 billion, mainly due to interest on bank deposits, which accounted for over 87% of that income.
The company’s total assets grew by 33.74% to N234.4 billion, up from N182 billion.
- Non-current assets rose to N72.6 billion from N36.3 billion.
- Current assets increased to N170.8 billion from N145.6 billion, with trade and receivables making up a big chunk at N122.8 billion.
As of 12 March 2025, Geregu Power’s shares are trading above N1,000, currently priced at N1,035 under the ticker symbol GERGU.
