Geregu Power Plc crosses N1trn market capitalization

Geregu Power Plc has crossed the N1 trillion market capitalisation level, joining the SWOOT group for the first time.

At the close of trading on January 15, 2024, the only power company listed on the NGX appreciated 7.52 percent to close at a share price of N429, thus giving it a market capitalisation of N1.07 trillion.

Femi Otedola, the major shareholder in Geregu Power Plc recently regained his billionaire status due to the appreciation of his shares in FBN Holdings and Zenith Bank.

In the past 365 days, Geregu Power’s shares appreciated by 233 percent from N149 on January 16, 2023, to N429 on January 15, 2024.

Femi-Otedola’s led Amperion Power Distribution Company acquired an 80 percent shareholding in the 435 MW Geregu I Power Plant in 2013, to create Geregu Power Limited. The Federal Government holds the remaining 20 percent stake in the power plant.

Then in October 2022, the company listed on the NGX, to become Geregu Power Plc.

In 9M 2023, the company recorded a revenue of N55.7 billion, representing a 43 percent year-on-year gain from the corresponding period in 2022.

Also, the company recorded a net income of N11.4 billion during 9M 2023, representing a 13 percent year-on-year gain from the corresponding period in 2022.

As of September 30, 2023, the company recorded an 18 percent decline in its equity from December 31, 2023, from N49.10 billion to N40.46 billion.

However, awaiting the financial statements for FY 2023, there’s a projected increase in equity due to the sales of shares by Femi Otedola to cut his shareholding in the company from 96 percent to about 80 percent.