Geregu Power Marked Down for Dividend Ahead of Annual Meeting
The market value of Geregu Power Plc has reduced to N2.853 trillion on the Nigerian Exchange, NGX, after its share price was marked down for dividend payment ahead of the annual meeting on March 28.
The stock, which has remained steady at N1,150 for long, fell to N1,141.50 on Friday as the Nigerian Exchange quoted the power-generating company at its ex-dividend price. The company announced N8.50 as the final dividend for its shareholders after impressive performance in 2024.
“If approved by the members at the Annual General Meeting, dividends will be paid on Friday, 28th March, 2025, or Friday, 4th April, 2025, at the rate of N8.50k per every ordinary share to shareholders whose names appear in the company’s Register of Members at the close of business on Thursday, March 13, 2025,” the company said in a disclosure.
Early in the year, Geregu told the Nigerian Exchange that the company will pay N8.50 dividend to shareholders whose names appear in the Register of Members as at the close of business on the 13th of March, 2025.
The power-generating company announced that the shareholder register will be closed on March 14, 2025, two weeks after which a dividend sum will be released to qualified shareholders.
In 2024, the company’s profit after tax grew by more than 70% year on year to N27.411 billion, from N16.05 billion in the comparable period in 2023. This was driven by strong revenue growth in the period.
Its audited financial statement showed that revenue increased to N137.126 billion from N82.908 billion. Hence, its board of directors recommends an N8.50 dividend per share for shareholders.
Earnings forecast
Geregu Power Plc has estimated N8.651 billion as its profit target for the second quarter of the financial year 2025. The company is expecting revenue to print at N53.143 billion in the same period, estimating a gross profit of N20.588 billion as costs of sales amounting to N32.55 billion.
The power-generating company estimated an impairment charge of N4 billion on its financial assets, and about N2.7 billion was set for administrative expenses.
For the second quarter of the year, Geregu Power estimated that the company’s operating profit will be N13.877 billion. It also set N963 million as net finance costs for the period.
Pretax profit is expected to print at N12.914 billion, according to the company’s earnings forecast document. Net income of N8.651 billion is targeted, as the company estimated N4.262 billion as income tax expenses in Q2. #Geregu Power Marked Down for Dividend Ahead of Annual Meeting#
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