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Two months after achieving a significant market capitalization milestone of N1 trillion, Geregu Power Plc, a prominent power-generating company under the control of Nigerian billionaire Femi Otedola, has achieved yet another landmark by surpassing the N2 trillion ($1.3 billion) mark on the local bourse.
The company’s remarkable surge in market capitalization above the N2-trillion mark is attributed to a substantial increase in its share price, soaring by over 100 percent since the year began. Starting at N399 ($0.436) on Jan. 1, the share price has climbed to N819.8 ($0.54) at the time of this report.
Geregu Power’s fiscal resilience: Revenue skyrockets 74.1 percent, surpassing $90 million in 2023
Investors have responded enthusiastically to Geregu Power’s impressive financial performance in 2023, as detailed in its recently published annual report and financial statements. The company demonstrated exceptional resilience throughout the fiscal year, achieving a double-digit surge in revenue, surpassing the $90-million mark.
According to the figures presented in its annual report, Geregu Power’s revenue witnessed a remarkable 74.1-percent increase, leaping from N47.62 billion ($53.3 million) in 2022 to N82.91 billion ($92.8 million) by the end of 2023.
This surge was primarily driven by increased energy sales and capacity charges, reaching N51.8 billion ($58 million) and N31.1 billion ($34.81 million), respectively.
Geregu Power’s dominance: Femi Otedola’s net worth holds strong amid naira woes
Geregu Power’s exceptional financial performance has solidified its position as one of Nigeria’s most profitable entities. Despite the recent depreciation of the naira affecting the fortunes of several Nigerian billionaires, Otedola’s net worth has remained at $1.3 billion thanks to his substantial 78.64-percent stake in the power company.
Forbes currently ranks Otedola as Nigeria’s fourth-richest individual and the 2,203rd richest person globally. The impressive performance of Geregu Power’s stake has contributed to Otedola’s resilience amid economic challenges, maintaining his position as a notable figure in the global billionaire landscape.
