A final dividend of N8.50 per ordinary share has been approved for the financial year ending December 31, 2024, representing an increase from the N8.00 per share distributed to shareholders in the previous year. This decision was formally communicated through a corporate action document issued by Geregu Power Plc.

Key Details of the Dividend Payment

  • Qualification Date: Shareholders listed in the company’s register of members as of the close of business on March 13, 2025, will be eligible to receive the dividend.
  • Closure of Register: The company’s shareholder register will be closed on March 14, 2025.
  • Payment Date: Dividends will be disbursed electronically on March 28, 2025.
  • Withholding Tax: The final dividend is subject to applicable withholding tax regulations.

E-Dividend Registration

Shareholders who have not yet completed the e-dividend registration process are strongly encouraged to do so promptly. Dividends will be paid directly into the bank accounts of shareholders who have mandated their accounts. Unclaimed dividends will be held by the company’s registrar, Meristem Registrars and Probate Services Limited, until shareholders complete the necessary registration.

Financial Performance Highlights for 2024

Geregu Power Plc recently released its audited financial results for the year ending December 31, 2024, showcasing significant growth across key metrics:

Revenue: The company’s revenue surged by 65.39%, rising from N82.9 billion in 2023 to N137.1 billionin 2024. This growth was driven by:

  • Energy Sales: Contributing N87.4 billion (63.8% of total revenue).
  • Capacity Charges: Adding N49.6 billion (36.2% of total revenue).

Profitability

Pre-Tax Profit: Increased by 69% to N41.2 billion, up from N23.4 billion in 2023.

 Gross Profit: Rose by 47.04%to N62.7 billion, despite an 84.85% increase in the cost of sales, which reached N74.3 billion.

Operating Profit: Grew to N42.9 billion, compared to N31.1 billionin the prior year.

Finance Income: Increased by 9.52% to N8.5 billion, primarily attributed to interest earned on bank deposits, which accounted for over 87% of finance income.

Total Assets: Expanded by 33.74% to N234.4 billion, up from N182 billion in 2023. This growth was supported by:

  • Non-Current Assets: Rising to N72.6 billion from N36.3 billion.
  • Current Assets: Increasing to N170.8 billion from N145.6 billion, with trade receivables constituting a significant portion at N122.8 billion.

Share Performance

As of March 12, 2025, Geregu Power’s shares are trading at N1,035 per share under the ticker symbol GERGU, maintaining a strong market presence with shares valued above N1,000

Geregu Power Plc continues to demonstrate robust financial performance, driven by increased revenue, improved profitability, and strategic asset growth. The company’s commitment to delivering value to shareholders is evident in its enhanced dividend payout and strong operational results. Shareholders are encouraged to complete the e-dividend registration process to ensure seamless receipt of their dividends.