Geregu Power Plc has declared a final dividend of N8.50 per ordinary share for the financial year ending December 31, 2024, marking an increase from the N8.00 per share paid in the previous year.
The announcement was disclosed in a corporate action notice received by Nairametrics. According to the statement, shareholders listed in the company’s register as of the close of business on March 13, 2025, will be eligible for the dividend.
Following this, the company will close its register of shareholders on March 14, 2025, with dividend payments scheduled for March 28, 2025. Geregu urged shareholders who have not completed the e-dividend registration process to do so, ensuring payments are made directly to their bank accounts.
The final dividend remains subject to withholding tax, and Meristem Registrars and Probate Services Limited has been appointed as the company’s registrar. Unclaimed dividends will continue to be held by the registrar for shareholders yet to mandate their accounts.
Geregu Power Plc reported impressive financial results for 2024, recording a pre-tax profit of N41.2 billion — a 69.5% surge from N23.4 billion in 2023. The company’s revenue soared by 65.4%, climbing from N82.9 billion to N137.1 billion.
Energy sales contributed N87.4 billion, accounting for approximately 63.8% of the total revenue, while capacity charges added N49.6 billion. Despite an 84.85% rise in the cost of sales to N74.3 billion, the company maintained a gross profit of N62.7 billion, reflecting a 47% increase from the prior year.
Core operational profits rose to N42.9 billion, up from N31.1 billion, while finance income grew by 9.52% to N8.5 billion, largely driven by interest on bank deposits, which made up over 87% of the finance income.
Geregu Power’s total assets expanded by 33.7% to N234.4 billion, up from N182 billion. Non-current assets increased to N72.6 billion from N36.3 billion, while current assets rose to N170.8 billion from N145.6 billion, with trade and receivables making up N122.8 billion.
As of March 12, 2025, Geregu Power’s shares are trading at N1,035 under the ticker symbol GERGU, maintaining a strong performance above the N1,000 mark.
