Geregu Power Plc, a major player in Nigeria’s electricity generation sector, recorded a modest increase in pre-tax profit to N41.98 billion for the year ended December 31, 2025, representing a 1.74 per cent rise from N41.26 billion in 2024.
Pre-tax profit for the fourth quarter of 2025 stood at N9.56 billion, down from N11.78 billion in the third quarter and marginally lower than the N9.84 billion reported in the corresponding period of 2024.
Despite the softer quarterly performance, the company posted strong full-year revenue growth, supported by increased energy sales and higher capacity charges.
However, higher operating costs exerted mild pressure on the company’s bottom line.
Profit after tax for the full year edged down slightly to N27.25 billion, compared with N27.42 billion in the previous year.
It was earlier reported that the board of directors had proposed a dividend of N9.00 per share for 2025, an increase from N8.50 paid in 2024.
The financial results indicate that revenue growth in 2025 was largely driven by a sharp increase in income from energy sales, which climbed to N120.81 billion from N87.69 billion in 2024.
This was further supported by higher capacity charges, which rose to N64.12 billion from N49.44 billion.
Additional income streams, including insurance claims and scrap disposals, more than tripled, providing extra support to earnings.
However, the strong topline performance was accompanied by a steep rise in cost of sales, mainly due to a 35 per cent jump in gas supply and transportation costs, which reached N100.42 billion.
Despite the cost pressures, Geregu recorded stronger gross profit, indicating that robust revenue growth helped absorb both fixed and variable expenses. Operating performance also benefited from a sharp decline in foreign exchange losses, which fell from N610.2 million in 2024 to N20.1 million in 2025.
On the balance sheet, total assets increased, supported by higher receivables of N201.1 billion and a doubling of inventories.
However, liabilities grew at a faster pace, rising to N246.38 billion from N190.91 billion, largely due to higher trade payables and increased short-term borrowings.
