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Geregu Power Plc’s stock hit a fresh 52-week high on Friday as investors bid up the shares of the only Generating Company (GenCo), listed on the Nigerian Exchange (NGX) on its financials that beat expectations, and accelerating growth.
Geregu stock rose the maximum 9.92% at the close of trading to N675.90 per share. Market capitalization increased to N1.69 trillion with 3.72 million shares traded.
With the move, Geregu now has a year-to-date return of 69.40%.
Geregu Power Plc’s Full Year (FY) 2023 earnings report shows the power firm is accelerating its growth, has a stress free balance sheet, and boosting shareholder returns.
Profit for the period rose 61 percent to NGN24.3 billion, revenue for the power generating company or GENCO increased 74% to NGN83 billion from NGN47.6 billion, and there was a 110% increase in operating Profit from NGN14.8bn to NGN31.1bn per the Financial statement audited by PWC.
Geregu announced a dividend of NGN20bn proposed for the year ended December 31st 2023 as the First listed entity to release its audited Financial statement for 31st December 2023, is set to reward shareholders handsomely.
A Final Dividend of N8.00 per ordinary share, subject to appropriate withholding tax and approval will be paid to shareholders whose names appear in the Register of Members as at the close of business on the 27th February, 2024.
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