Geregu Power Receives NGX Compliance Award

The Nigerian Exchange Limited (NGX) has named Geregu Power Plc as the “Most Compliant Listed Company” for the 2023 financial year during the 2024 Made of Africa Awards.

The power generation company, which reported a 113% profit growth in its nine-month results for 2024, announced this in a statement on Sunday. The award recognizes the listed company with the highest level of adherence to NGX’s issuer rules, including compliance without incurring penalties.

Listed on the NGX in October 2022, Geregu Power stated that its compliance record stems from timely submissions of both unaudited and audited results, prompt corporate disclosures, and proactive scheduling of annual general meetings ahead of other listed firms.

In 2024, the company demonstrated its commitment to transparency by filing its 2023 audited financial results on January 30 and its first-quarter results on April 9.

For the nine months ending September 30, 2024, Geregu Power reported a profit after tax of ₦24.1 billion, a 113% increase from the ₦11.36 billion recorded during the same period in 2023. Profit before tax rose by 107.3%, reaching ₦36.2 billion compared to ₦18.1 billion in 2023, despite challenges associated with national grid capacity.

Revenue surged by 102%, amounting to ₦112.58 billion, up from ₦55.75 billion in the prior year. This included ₦71.4 billion from energy sales and ₦41.1 billion from capacity charges. In the third quarter alone, Geregu Power reported ₦31.9 billion in revenue, an increase from ₦27 billion in the corresponding quarter of 2023.

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Geregu Power’s stock has experienced significant growth, with its share price rising 188% year-to-date to ₦1,150 per share as of December 6, 2024. Its market capitalization stands at ₦2.88 trillion.

In recognition of its financial achievements, the company’s shareholders approved a dividend payout of ₦8.00 per share for the 2023 financial year.

Chaired by business magnate Femi Otedola, Geregu Power continues to play a critical role in Nigeria’s energy sector, contributing approximately 10% of the electricity consumed nationwide.