Geregu Power, owned by billionaire investor Femi Otedola, has crossed the N2 trillion threshold on the Nigerian Exchange Limited (NGX), just two months after reaching a market capitalization of N1 trillion.
The notable increase in Geregu Power’s market capitalization exceeding N2 trillion can be attributed to the company’s share price, which has increased by more than 100% since the start of 2024.
On January 1, 2024, the power-generating company’s shares opened at N399 and increased to N819.8.
Investors reportedly reacted favorably to the power company’s stellar 2023 performance, as evidenced by information from its most recent annual report and financial records. The company performed remarkably well during the fiscal year, with revenue rising by double digits and surpassing $90 million.
By the end of 2023, the company’s revenue had increased by 74.1% from N47.62 billion in 2022 to N82.91 billion. The increase in energy sales and capacity charges, which came to around N51.8 billion and 31.1 billion, respectively, was the main cause of the increase.
Due to its financial strength, the power generating company is now one of the most profitable companies in Nigeria.
