The Nigerian Exchange Limited has named Geregu Power Plc the “Most Compliant Listed Company” for the 2023 financial year at its 2024 Made of Africa Awards.
The power generation firm, which declared a 113 per cent profit growth in its nine-month results for 2024, disclosed this in a statement made available to our correspondent on Sunday.
It stated that the award was presented to the listed company that demonstrated the highest level of adherence to The Exchange’s issuers’ rules, without incurring any penalties.
Geregu Power, which was listed on the NGX in October 2022, said it had maintained a record of compliance by ensuring timely filings of unaudited and audited results, as well as prompt corporate disclosures.
It claimed that it organised its annual general meetings ahead of other listed entities.
In 2024, Geregu Power filed its 2023 audited financial results on January 30 and its first-quarter results on April 9, exemplifying its commitment to transparency and regulatory adherence.
Meanwhile, Geregu Power recorded a profit after tax of N24.1bn in the nine months ending September 30, 2024, representing a 113 per cent increase from N11.36bn in the same period of 2023.
Profit before tax stood at N36.2bn, up 107.3 per cent from N18.1bn in 2023, despite challenges in national grid capacity.
Revenue for the nine months also surged by 102 per cent to N112.58bn, compared to N55.75bn in 2023.
The company generated N71.4bn from energy sales and N41.1bn from capacity charges.
For the third quarter alone, Geregu Power reported N31.9bn in revenue, an increase from N27bn in the corresponding period of 2023.
The company’s stock price has also seen appreciation, rising by 188 per cent year-to-date to N1,150 per share as of December 6, 2024, with its market capitalisation standing at N2.88tn.
In recognition of its financial performance, Geregu Power shareholders approved an N8.00 per share dividend payout for the 2023 financial year.
Geregu Power, chaired by Femi Otedola, continues to play a role in Nigeria’s energy sector, contributing an estimated 10 per cent of the electricity consumed nationwide.
The firm noted that it was actively pursuing capacity expansion initiatives, including a partnership with Siemens Energy to triple its capacity from 435 megawatts to 1,300 megawatts, with renewables accounting for 15 to 20 per cent of the new capacity.
Geregu Power added that it was in the process of acquiring a new plant, Geregu Power Plant II, a 434MW gas-fired project, and was developing Geregu 3 to further enhance its power generation capacity.
