The management of the Nigerian Exchange Limited (NGX) has awarded Geregu Power Plc as the “Most Compliant Listed Company” for 2023 financial year.
NGX made the announcement at this year’s edition of “Made of Africa Awards”.
The award is a recognition for the power generating company’s adherence to corporate governance, ethics and regulatory standards.
According to the NGX, the award is given to “the listed company that demonstrates the highest level of adherence to The Exchange’s Issuers’ Rules, without incurring any penalties.”
Geregu Power outperformed competitors in the category, which included other sub-awards, such as Best Issuer for Fixed Income Listings, Most Compliant Trading License Holder, Broker of the Year and Listing of the Year.
The power plant has established a reputation for timely filings of unaudited/audited result and accounts to the investing public and has consistently been among the first companies to file periodic reports as well as corporate disclosures.
In this outgoing year, the company set the pace by publishing its 2023 audited accounts on January 30, weeks into the New Year.
It continued the trend with its first-quarter financials, released on April 9, just days after the quarter ended.
Since listed 2022, the company has been proactive in organising its Annual General Meetings (AGMs) on time, often ahead of other listed companies quoted on the NGX.
In the last three years, the company has consistently complied with post-listing requirement of the Exchange.
On October 5, 2022, Geregu Power was admitted into the main board of the NGX by way of listing and Introduction (LBI) with the admittance of 2,500,000,000 of ordinary shares of 50 kobo each at N100 per share on the Exchange.
The stock price in its first year of listing gained 49 per cent from N100 per share to close at N149.00 per share in December 2022.
However, the stock price so far has appreciated significantly by 188 per cent Year-till-Date (YtD) to close December 6, 2024 at N1,150.00 per share from N399 per share it opened for trading on NGX.
As of December 6, Geregu Power has a market capitalisation of about N2.88 trillion.
In terms of performance, Geregu Power announced N36.2 billion Profit Before Tax (PBT) in its unaudited nine months ended September 30 result accounts, about 107.3 per cent increase from N18.1 billion declared in corresponding nine month of 2023 despite constraints in national grid capacity.
The company, during the period under review reported a Profit After Tax (PAT) of N24.1 billion, about 113 per cent increase from N11.36 billion reported in nine months last year.
A review of the company’s financial statements reveals that Geregu Power generated N112.58 billion in nine this year, representing a 102 per cent increase year-on-year from N55.75 billion reported in nine months in 2023.
For the quarter ending September, the company reported N31.9 billion as its revenue, up from the N27 billion it reported in the same period of 2023.
The revenue breakdown shows that N71.4 billion was generated from energy sales and N41.1 billion came from capacity charges.
Following an improved profits in the 2023 financial year, shareholders of Geregu Power approved the payment of N8.00 per share dividend payout.
The company remains a key player in Nigeria’s power generation sector, addressing the country’s ongoing need for reliable electricity with an estimated contribution of 10 per cent to total electricity consumed in Nigeria.
The foremost power generation solutions provider signed a Memorandum of Understanding (MoU) with Siemens Energy in May to jointly develop solutions for capacity expansion.
The deal aims to triple Geregu’s total capacity from 435 to 1,300 megawatts with renewables accounting for about 15-20 per cent of overall nameplate capacity.
As part of its capacity expansion efforts, Geregu Power is in the process of acquiring an additional plant, Geregu Power Plant II, a 434mw gas-fired power project to boost power production in the country and is currently in the process of building Geregu 3 to further boost power generation in the country.
With its corporate office located in Victoria Island, Lagos and its operational base on the Itobe- Ajaokuta Expressway, Ajaokuta, Kogi State, the company is positioned to contribute to Nigeria’s energy needs.
The management prioritises corporate governance, environmental responsibility, and sustainability, utilising modern technology to address Nigeria’s increasing energy demands.
The company is chaired by Mr. Femi Otedola, who has led the Board of Directors since 2013.
Other board members are: Akin Akinfemiwa (Chief Executive Officer) and Julius Omodayo-Owotuga (Deputy Chief Executive Officer), Mr. Christopher Adeyemi; Mr. Anil Dua; Ms. Olawunmi Otedola; Mr. John Lee; Mr. Doron Grupper; Paul Gbededo and Mr. Olukunle Oyewole.
