Geregu Power Declares N8 Dividend for 2022 Full-year

Kayode Tokede

Geregu Power Plc(GPP) on the Nigerian Exchange Limited (NGX) yesterday declared N8.00 per share dividend to shareholders in its audited financial statement for year ended December 31, 2022.

The electric power generating company which was listed on the Exchange in 2022, emerged as the first listed company to release its full-year audited financial statements in compliance to the post-listing requirements.

The declared dividend translated into N20 billion and it implied an annualised yield of 24 per cent for shareholders who bought the company’s share when it was listed at N100 per share.

In the audited results, the company declared N47.62 billion revenue in 2022, from the N70.96 billion reported in 2021, while profit after tax stood at N10.17 billion in 2022 financial year.

The company is majorly owned by billionaire businessman, Femi Otedola. Its 2.5 billion ordinary shares of 50 kobo each at N100 per share were admitted on the Exchange last year.

The listing of Geregu’s shares had added N250 billion to the market capitalisation of NGX.

The Chairman, Board of Directors, Geregu Power had stated that, “the listing of the company was the actualisation of a vision to bring world-class standards in governance, sustainability, and business processes to the company and the Nigerian electricity sector.”

According to him, “listing on the Main Board of the Exchange will ensure that the long-term growth of the company is assured and its benefits will be passed on to our esteemed shareholders.”

The stock price of Geregu Power closed trading at N193.60 per share on the trading floor of the NGX yesterday.