The market capitalisation of Geregu Power Plc increased to N2.8 trillion in September 2024.
The rise in Geregu Power’s market capitalisation was linked to strong investor confidence and bullish market sentiment.
The company’s stock has seen remarkable growth since the beginning of the year, with its market cap crossing the N1 trillion mark in January 2024, after a 7.52 per cent rise in its share price, marking its entry into the SWOOT (Stocks Worth Over One Trillion) club.
Despite experiencing a period of stagnation between April and August, Geregu’s stock resumed its upward momentum in September, posting a 7.7 per cent increase in market cap, bringing it to N2.8 trillion.
Since its listing on the Nigerian Exchange in October 2022, Geregu Power has experienced a remarkable bullish run, largely fueled by positive market sentiment.
Geregu Power partners Siemens to raise power plant to 500MW
In September 2024, the company’s stock appreciated by over 700 per cent from its initial trading price around 2022.
The year 2024 commenced with significant gains, with the most notable rise occurring in February when the share price jumped 72 per cent, from N568 to N977, on the back of a market volume of 17 million shares.
Although market activity slowed from April through August, the stock regained momentum in September, posting a 15 per cent gain by the third week, with 2.5 million shares exchanged.
Speaking at the company’s 12th Annual General Meeting in Lagos, the Chairman of Geregu Power Plc, Femi Otedola, expressed optimism about the company’s future.
“In 2024, Geregu Power aims to align our business operations with the global trend towards affordable, clean, and efficient energy systems,” Otedola said.
On his part, the President of the New Dimension Shareholders Association, Patrick Ajudua, commended the company’s dividend policy.
“It’s on record that Geregu Power Plc consistently pays dividends above earnings per share (EPS). This year, despite an EPS of N6.25, the company is paying N8.00 as a dividend,” Ajudua said.
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