The market capitalization of Geregu Power Plc, the first power firm admitted to the Nigerian Exchange Limited’s (NGX) main board, has reached N1.07 trillion.
On Monday, the utility’s shares had a 7.52% increase, closing at N429 per share. According to a technical study of the charts, the stock is gradually approaching the round number level of N1,000 per share.
For the first nine months through September 2023, Geregu Power’s pre-tax earnings increased by 25.30 percent to N17.48 billion from N13.95 billion as of September 2022.
Revenue increased 42.92 percent during the period under review, from N39 billion to N55.74 billion, over the previous year.
Geregu Power’s shares have returned 196.28 percent over the past year, making it one of the top performers in the index. This indicates that investors have faith in the company’s development potential due to its steady earnings stream and sound balance sheet.
Additionally, on January 10, 2024, the market value of Transcorp Hotels—which Tony Elumelu, an investment banker, owns a significant portion of—reached N1.02 trillion.
Transcorp Hotels’ share price was unchanged on Monday at N100, the same level as when the firm went public and traded for a trillion naira.
Geregu and Transcorp Hotels became the newest members of the trillionaire club following Access Holdings’ market capitalization surpassing N1 trillion on January 9, 2024.
Meanwhile, FBN Holdings went off the list on Monday, with its share price falling by 27.5 percent and the company’s worth plummeting to N987.12 billion.
Ozioma Samuel-Ugwuezi
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