The stock of Geregu Power Plc increased N2.05 trillion in market capitalisation on Thursday, February 15, 2024, as investors continue to bid up the shares of the only Generating Company (GenCo) listed on the Nigerian Exchange (NGX).
Geregu stock rose 9.80% at the close of trading to a fresh 52-week high of N819.80 per share.
With the move, Geregu now has a year-to-date return of 105.46%.
The company’s Full Year (FY) 2023 earnings report showed the power firm is accelerating its growth, has a stress-free balance sheet, and boosting shareholder returns.
Geregu Power, Zenith Bank boost stock market as investors gain N980bn
Profit for the period rose 61 per cent 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, Moneycentral reported.
Geregu announced a dividend of N20 billion proposed for the year which ended on December 31, 2023, as the first listed entity to release its audited financial statement for 2023.
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 of the close of business on February 27, 2024.
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