The management of the Nigerian Exchange Limited (NGX) has awarded Geregu Power Plc as the "Most Compliant Listed Company" for 2023 financial year at its 2024 edition Made of Africa Awards.

The award is a recognition for the listed power generating company adherence to corporate governance, ethics and regulatory standards.

According to the NGX in a statement, the award is given to "the listed company that demonstrates the highest level of adherence to The Exchange's Issuers' Rules, without incurring any penalties."

It said it Geregu Power outperformed competitors in the category, which included other sub-awards such as Best Issuer for Fixed Income Listings, Most Compliant Trading License Holder, Broker of the Year, and Listing of the Year.

In terms of performance, Geregu Power announced N36.2bn profit before tax in its unaudited nine months ended September 30, 2024, about 107.3percent increase from N18.1bn declared in corresponding nine month of 2023.

The company in the period reported a profit after tax of N24.1bn, about 113 percent increase from N11.36bn reported in nine months of 2023.

A review of the company's financial statements reveals that Geregu Power generated a total revenue of N112.58bn in nine months of 2024, representing a 102 percent increase year-on-year from.75bnillion reported in nine months of 2023.

For the quarter ending September 2024, the company reported a revenue of N31.9bn, up from N27bn in the same period of 2023.

The revenue breakdown reveals that N71.4bn was generated from energy sales, while N41.1bn came from capacity charges.

Following an improved profits in 2023 financial year, shareholders of Geregu Power approved the payment of N8.00 per share dividend payout.