The electricity company has declared a dividend of N8 per share translating to a payout of N20 billion for the year under review.
Femi Otedola’s Geregu Power recorded a drop in post-tax profit of 50.5 per cent for 2022 as revenue tumbled steeply and finance costs soared almost seven times, eating away at earnings, the audited financial statements of the power-generating firm showed Wednesday.
The company earned N157.3 million from other income as foreign exchange gain realised relative to N1.7 billion a year earlier but saw finance income rise more than seven times to N7.7 billion, helped by a surge in interest income on bank deposits and related party receivables.on the stock exchange in Lagos in early October, listing 2.5 billion ordinary shares, 95.6 per cent of them held by the billionaire mogul, Femi Otedola.
Net profit margin, the metric that measures how much of revenue has turned to profit, stood at 21.4 per cent.
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