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Wednesday, March 22, 2023

Femi Otedola to Pocket N19.1bn Dividend from Geregu as Profit Falls 50%

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Femi Otedola, the billionaire investor, will be paid N19.11 billion dividends from the distributable profit of his company Geregu Power Plc for the year ended 2022, according to MoneyCentral calculations.

This is even as Net income of Geregu Power dipped by 50.51 percent to N10.17 billion in December 2022 from N20.55 billion as at December 2021.

Femi Otedola who is also the chairman of Geregu Power, a company he took public in the third quarter of last year owns 2.388 billion worth of shares indirectly through Amperion Power Distribution Limited, which is 95.56 percent of the company’s total ordinary shares of 2.50 billion, according to data from the NGX website.

The directors have recommended the payment of N8 per share dividend to the shareholders on 30 January 2023.

According to the 2022 audited financial statement, Geregu Power reported a dividend of N20 billion or N8 per share which is an indicative dividend yield of 3.8 per cent based on its closing price of N210 per share on Wednesday (Feb 1st).

As a result of the challenges in the power sector which affected the gas supply resulting in a number of force majeure due to the collapse of the national grid, the power company recorded a sharp drop in earnings.

Revenue was down 32.89 percent to N47.61 billion in December 2022 from N70.95 billion the previous year.

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