Geregu Power surges to N2.8 trillion market cap in September  

The company’s stock has seen remarkable growth since the beginning of the year, with its market cap crossing the N1 trillion mark as early as January 15, 2024, after a 7.52% rise in its share price, marking its entry into the elite “SWOOT” (Stocks Worth Over One Trillion) club.

Despite experiencing a period of stagnation between April and August, Geregu’s stock resumed its upward momentum in September, posting a 7.7% increase in market cap, bringing it to N2.8 trillion.

Since its listing on the Nigerian Exchange in October 2022, Geregu Power has experienced a remarkable bullish run, largely fueled by positive market sentiment.

By September 2024, the company’s stock had appreciated by over 700% from its initial trading price around 2022.

The year 2024 began with significant gains, with the most notable rise occurring in February when the share price jumped 72%, from N568 to N977, on the back of a market volume of 17 million shares.

Although market activity slowed from April through August, the stock regained momentum in September, posting a 15% gain by the third week, with 2.5 million shares exchanged.

At the company’s 12th Annual General Meeting held in Lagos, Chairman Femi Otedola expressed optimism about Geregu Power’s future, stating:

“In 2024, Geregu Power aims to align our business operations with the global trend towards affordable, clean, and efficient energy systems.”  

Patrick Ajudua, President of the New Dimension Shareholders Association, also praised the company’s dividend policy, noting:

“It’s on record that Geregu Power Plc consistently pays dividends above earnings per share (EPS). This year, despite an EPS of N6.25, the company is paying N8.00 as a dividend.”  

Geregu Power recently released its earnings forecast for Q4 2024, projecting revenue of N61.46 billion for the quarter, a 103% rise from revenue in Q2.

The company also forecasted N11.07 billion in pre-tax profit compared to N8.25 recorded in Q2 2024, further bolstering investor confidence as it continues to scale its operations.

With its growing market cap and strategic initiatives, Geregu Power is well-positioned to capitalize on Nigeria’s evolving energy landscape and continue delivering value to shareholders.