Geregu Power Plc's Biggest Shareholder ‘Amperion Power Distribution Company Limited’ Offloads Million Units

Amperion Power Distribution Company Limited, the majority shareholder in Geregu Power Plc, offloaded a million units of its holdings on Monday, 21, 2023, in what it calls a cross-deal stock sale.

A corporate notice was sent to the Nigerian Exchange Limited on Wednesday, highlighting that the deal occurred on Monday.

A million units of Geregu power shares were exchanged at N399 per unit, which amounted to N399 million.

The recent deal came after a week of a cross-deal of the company shares that amounted to N1.89bn. However, the name of the party is not disclosed at the moment.

PUNCH reported that on October 31, 4.8 million units of the power generation company were traded at N395 per unit in a deal involving the majority shareholder, Amperion Power Distribution Company Limited.

Amperion Power, a Forte Oil subsidiary that billionaire Femi Otedola owns, acquired Geregu in 2013.

In the firm's June 30 report, Amperion Power owns 2.06 million shares in Geregu, 82.45% of the total shares.

Although Otedola held only 1,245 shares, it had about 0.00005% of the company's stake at the end of the 2023 half-year.

Meanwhile, the company’s post-tax profit grew to N11.36bn in Q3.

Geregu Power Plc Q3 2023 Interim Report

Geregu Power Plc generated over N4 billion in profit, according to the company Q3 report, totaling the company's revenue at N11.3 billion for the first nine months of 2023 operations.

Geregu Power Plc's turnover increased five times in Q3 to N21 billion, compared to the 34% growth in Q2 of the same year. The figure is about N6 billion, better than the N15.1 billion sales revenue forecast for Q3.

Geregu Power Plc's after-tax profit advanced from a 25% increase in Q2 to a three-and-half times jump to almost N4 billion in Q3.

Geregu Power Plc's earnings numbers rose to N55.7 billion in turnover at the end of Q3.

Geregu Power Plc's closing sales revenue was N55.7 billion at the end of Q3, representing an increase of 42.9% year-on-year, which also rose by 2.6% in Q2 2023.

Geregu Power Plc's production cost grew significantly below sales revenue at an increase of 33.9 percent to N26.9 billion.

Geregu Power Plc's cost savings from production costs increased 52.5 percent in gross profit to N28.9 billion.

Geregu Power Plc's net finance cost amounted to N2.4 billion, a 15.9% increase.

Geregu Power Plc's pre-tax profit grew by 25.3% to N17.5 billion.

The report shows that Geregu Power Plc's after-tax profit went up 13.3% to N11.4 billion, reversing a drop of 11.5 percent to N8 billion at half-year.

Pictorial representation of Geregu Power PLC 2023 interim results for Q3 2023 in part

Check here to see the clear Geregu Power PLC 2023 interim results for Q3 2023