Geregu Power Plc Joins SWOOT as It Hits N1 Trillion in Market Capitalisation

Geregu Power Plc, for the first time, has surpassed the N1 trillion capitalisation mark, leading the firm to join the SWOOT (Stocks Worth Over One Trillion) group of companies.

After the closing of trading yesterday, Geregu Power Plc, the only power company listed on the Nigerian Exchange Group (NGX), increased by 7.52%.

The company's share price increased to N429, pushing the market capitalisation to N1.07 trillion.

Geregu Power Plc's major shareholder, Femi Otedola, investment has assisted in his net worth.

It has also been reported that Geregu Power Plc shares have increased in the past 365 days to appreciate by 233%. Geregu's share price skyrocketed to N429 per share on January 15, 2024, from its share price on January 16, 2023, which was N149.

Important Information

Femi Otedola-led Amperion Power Distribution Company obtained an 80% shareholding in the 435 MW Geregu I Power Plant in 2013, leading to the creation of Geregu Power Limited.

The company was listed on the Nigerian Exchange Group (NGX) and is transitioning to Geregu Power Plc.

Ever since the company was listed on the NGX, the market valuation rose from N250 billion to N1 trillion in two years.

In the first nine months, which ended on September 30, 2023 (9M 2023), Geregu Power Plc reported a revenue of N55.7 billion.

This figure reflects a 43% year-on-year increase compared to the same period in 2022.

Additionally, the company recorded a net income of N11.4 billion during 9M 2023. This reflects a 13% year-on-year increase from the corresponding period in 2022.