Geregu Power Plc has put forward a proposal for a dividend payment of N9 per share for the 2025 financial year, pending approval from shareholders at the upcoming annual general meeting.
This power generation company made this announcement through a regulatory disclosure issued on Friday. This followed a board meeting held on Thursday where the company's audited financial statements for the previous year were given the green light.
The planned cash distribution suggests a total payout of N22.5 billion, reflecting a 5.9 percent increase from what the company disbursed to shareholders for the 2024 financial year.
According to the statement, "The previously communicated closed period for trading in the company’s shares by insiders and their associates will be lifted twenty-four (24) hours following the release of the Audited Financial Statements and Accounts for the year ending 31 December 2025."
In related news, Femi Otedola, the chairman of First HoldCo Plc, divested its majority interest in the power utility to Ma’am Energy Limited, based in Abuja, in a transaction valued at around $750 million. Reports indicate that a consortium of lenders led by Zenith Bank facilitated this deal, with BlackBirch Capital serving as the financial advisor.
For the first three quarters of 2025, Geregu Power has reported a 3.8 percent rise in profit after tax, amounting to N25.1 billion compared to the same timeframe last year.
Additionally, the company's revenue surged by 16.8 percent to reach N131.5 billion, driven by a modest growth in energy sales. Profit before tax experienced a slight increase to N37.5 billion, up from N36.3 billion recorded in the previous year.
By the end of the reporting period, total assets amounted to N273.2 billion, marking a 21.4 percent rise from N243.5 billion as of December 2024. Geregu Power enjoys backing from the Africa Export and Import Bank’s Fund for Export Development in Africa as well as the State Grid Corporation of China. The company's market capitalization was pegged at N2.9 trillion at the end of trading on Friday.
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