Geregu Power announces final dividend of N8.50 per share

Geregu Power Plc has announced a final dividend of N8.50 per ordinary share for the period ending December 31, 2024, an increase from the N8.00 per share paid to registered shareholders the previous year.

The final dividend will be available to shareholders listed in the company’s register of members as of the close of business on 13 March 2025.

Following this date, Geregu will close its shareholder register on 14 March 2025, with payments scheduled for 28 March 2025.

Shareholders who have not yet completed the e-dividend registration process were encouraged to do so, as dividends will be paid electronically into their bank accounts.

The final dividend for the period ending 31st December 2024 is subject to withholding tax.

The qualification date is set for 13th March 2025, after which dividends will be paid electronically on 28th March 2025 by the company registrar.

Meristem Registrars and Probate Services Limited is designated as the company registrar.

Unclaimed dividends are being held by the registrar for shareholders who have not yet mandated their share accounts.

Geregu Power recently published its financial results for 2024, reporting a pre-tax profit of N41.2 billion, which is up 69% from N23.4 billion the previous year. The company’s revenue jumped by 65.39per cent, going from N82.9 billion to N137.1 billion.

Even though costs went up significantly, with the cost of sales rising by 84.85per cent to N74.3 billion, Geregu still managed a gross profit of N62.7 billion, a 47.04per cent increase from last year.

Profits from core operations reached N42.9 billion, compared to N31.1 billion the year before.

Finance income also grew by 9.52per cent,   hitting N8.5 billion, mainly due to interest on bank deposits, which accounted for over 87per cent of that income.