The board of director of Geregu Power Plc has declared N8 per share as the final dividend for the year ended 31 December 2022. This was disclosed through a notice sent to the Nigerian Exchange Group by Akinleye Olagbende, company secretary.
According to the notice, qualification date is 27 February 2022 just as the register of shareholders will close on 28 February 2022. Payment date will be disclosed thereafter.
According to Geregu Power’s audited financial statement for 2022, revenue slumped to N47.62 billion in December 2022 compared to N70.96 billion as of December 2021. Profit for the year was N10.17 billion in December 2022 as against N20.55 billion in the previous year.
The significant decline in its energy sold and capacity charge, its two major sources of revenue was responsible. Earnings from energy sold fell to N30.25 billion in 2022 from N45.69 billion in 2021. Revenue from energy charge declined to N17.36 billion in 2022 down from N25.26 billion in 2021. The sharp decline was attributed to the force majeure declared by Shell.
“As a result of a nationwide force majeure (FM) declared by Shell Petroleum Development Company Limited on the Trans-Forcados pipeline and its consequent effects on the Forcados oil terminal, gas supplies to the plant by Its primary gas supplier ceased from 17th of July 2022.
“The maintenance works on the pipelines were however completed at the end of November 2022 and gas supplies and normal operations have since then resumed,” Geregu Power stated.
Equity market gains N1.08 trillion in January
The market capitalization of listed equities rose from N27.91 trillion on 30 December 2022 to close at N28.99 trillion on 31 January 2023, amounting to a gain of N1.08 trillion in the first month of 2023. The All Share Index (ASI) of the Nigerian Exchange Group (NGX) increased from 51,251.06 points on the last trading day of 2022 to close on 31 January 2023 at 53,238.67 points, representing a month to date and year to date return of 3.88%.
In terms of returns, the NGX Growth Index outperformed the market, appreciating by 15.45% in the first month of 2023. It was followed by the NGX Meri Value Index which gained 8.28% in January, becoming the second most performing index on the NGX. NGX Banking Index appreciated by 7.51% while NGX AFR Bank Value Index returned 6.05%.
NGX AFR Div Yield Index gained 5.82%; NGX Consumer Goods Index appreciated by 5.64%, while NGX Oil/Gas Index returned 5.41%.
The NGX Insurance Index and NGX Meri Growth Index rose by 5.36% each.
Other market returns include the NGX CG Index, 4.99%; NGX Pension Index, 4.80%; NGX Lotus Islamic Index, 4.33%; and the NGX Main Board Index 4.02%.
Indices that underperformed the market include the NGX 30 Index,3.80%; NGX Premium Index, 3.66%, and the NGX Industrial Index, 2.14%.
On the other hand, the NGX ASeM Index, remained neutral at 0.00% while the NGX Sovereign Bond Index posted -2.39% as the only index with a negative return in January 2023.
Bullish sentiment continues as equities gain N142 billion February 1
The positive sentiment continued in the market on the first day of February as the market capitalization of listed equities rose to N29.139 trillion, representing a gain of N142.17 billion when compared with N28.997 trillion which was its value on January 31.
The bullish sentiment was driven Universal Insurance, GTB, UBA, Transcorp and Geregu as they led the volume chart. On the value chart, Geregu, Airtel Africa, Nestle, Seplat, and GTCO featured prominently on the value table today.