Geregu Power Plc Proposed N8 per Share for the 2023 Financial Year Awaiting Approval

The Geregu Power Plc Board of Directors has agreed on the proposed dividend of N8 per share for the 2023 financial year.

The company announced this in its annual report filed with the Nigerian Exchange Limited on Tuesday. Geregu Power stated that the shareholders on its register as of January 29 will be paid N20bn. As of that moment, the firm has a total of 2.50 billion units of shares.

Femi Otedola, who is the Chairman of Geregu Power Plc and FBN Holdings, is said to have in his possession 1,245 units directly and 1,965.979,283 indirectly through Amperion Power Distribution Limited, which would bring in N15.28bn as a dividend.

During a meeting on Monday this week, Geregu Power Plc's board of directors approved the Audited Financial Statements and Accounts of the Company for 2023.

The proposed dividend by the firm's board is subject to shareholders' approval at its next annual general meeting.

At the meeting, the Geregu Power Plc Board of Directors approved the appointment of Mr Olukunle Oyewole as an independent non-executive director, subject to regulatory and shareholder approval.

During the period under review, Geregu Power Plc recorded a 74.11% increase in its revenue to N82.91bn, which almost doubled the result of the corresponding year, which stood at N47.62bn in 2022. This is said to be the highest revenue result that the company has gotten in the past five years.

Back Story

Geregu Power Plc, for the first time, 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 on January 15, Geregu Power Plc was the only power company listed on the Nigerian Exchange Group (NGX) that witnessed an increase of 7.52%.