Geregu Power Plc, the pioneering power company listed on the Nigerian Exchange Limited (NGX), has marked a significant achievement by crossing the N1.07 trillion market capitalization threshold. The utility company’s shares experienced a notable 7.52% surge on Monday, closing at N429 per share and inching closer to the impressive N1,000 per share milestone, according to technical chart analysis.
For the first nine months of 2023, Geregu Power reported a commendable 25.30% increase in pre-tax earnings, reaching N17.48 billion compared to N13.95 billion in the same period of 2022. The revenue for the review period also witnessed a substantial uptick, rising by 42.92% from N39 billion to N55.74 billion year-on-year.
Geregu Power’s remarkable performance is underscored by its shares delivering an impressive return of 196.28% over the past year, solidifying its position as one of the top-performing entities in the market index. This outstanding growth reflects investors’ confidence in the company’s consistent earnings and robust financial standing.
The achievement of N1.07 trillion market capitalization places Geregu Power alongside Transcorp Hotels, owned significantly by renowned investment banker Tony Elumelu, which reached N1.02 trillion in market value on January 10, 2024. Both companies join the prestigious trillionaire club, following the earlier market capitalization milestone of Access Holdings on January 9, 2024.
However, it’s worth noting that FBN Holdings witnessed a downturn on Monday, causing its share price to drop by 27.5% and the company’s market value to decline to N987.12 billion, leading to its exit from the trillionaire club.