Nigeria’s leading power generation company, Geregu Power Plc., has hit N1.07 trillion in market capitalization.
At the close of trading on Monday, January 15, 2024, the stock of the power company appreciated by 7.52% closing at N429 per share.
The first electricity company to be admitted into the main board of the Nigerian Exchange Limited (NGX) is largely owned by philanthropist billionaire, Mr. Femi Otedola.
In the last one year, the share price of Geregu Power has appreciated by 233%. The share price has jumped from N149 on January 16, 2023, to N429 on January 15, 2024.
The company has not released the full 2023 financial report. But its nine-month profit as at September 2023 was put at N17.48 billion from N13.95 billion as at September 2022.
Revenue was up 42.92 per cent to N55.74 billion in quarter three of 2023 from N39 billion the previous year.
The power firm is seeing a better operating 2024 with its revenue and profit forecasts.
Otedola shocks Sanwo-Olu, donates N1bn for Lagos Security Trust Fund
The power firm is forecasting a revenue of N31,242,404,000 for the first quarter of 2024 (January, February and March) with the cost of sales put at N16,759,953,000.
Geregu power company is projecting a gross profit of N14,482,451,000 for the three-month period.
According to the document titled “FORECAST OF STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME” and sent to the investing public through The Exchange on Friday, December 8, 2023, the company puts Administrative Expenses at N5,383,983,000 leaving N9,098,468,000 as Operating Profit.
The document was co-signed by Akin Akinfemiwa, the Chief Executive Officer and Ganiyu L. Adisa, the Chief Financial Officer.
The Geregu Power plant consists of three simple cycle natural gas fired SIEMENS V94.2 STG5-2000E gas turbine generator units with a 435MW Installed Capacity. The Turbine units are GT11, GT12, and GT13 and each is designed to produce 145 MW at 15.75KV, stepped up to 330kV via a 173.6MVA Power Transformer and now generates on average Ten (10%) per cent of Nigeria’s power.
The Otedola-led Amperion Power Distribution Company acquired 80% shareholding in the 435 MW Geregu I Power Plant in 2013. The Federal Government holds 20% stake in the power plant.
The firm was listed in October 2022 on the NGX.
- Tinubu appoints Jim Ovia as Education Loan Fund chairman - April 26, 2024
- Ondo 2024: Akeredolu’s ex-deputy emerges PDP guber candidate - April 26, 2024
- Again, JAMB extends 2024 Direct Entry registration - April 26, 2024
