Geregu Power posts N25bn profit

GEREGU Power Plc has reported a profit after tax of N25.1bn for the nine months ended September 30, 2025, representing a resilient performance amid rising finance costs and operational expenses.

According to the company’s unaudited financial statement filed with the Nigerian Exchange Limited, Geregu Power recorded revenue of N131.47bn during the period under review, compared to N112.58bn posted in the same period of 2024. This represents a growth of about 16.8 per cent year-on-year, driven largely by higher energy sales and improved operational efficiency.

The power generation firm’s cost of sales stood at N78.46bn, up from N57.93bn in the corresponding period of 2024, reflecting the impact of higher maintenance and fuel expenses. Consequently, gross profit rose to N53bn from N54.65bn recorded a year earlier.

Operating profit stood at N42.23bn, while finance income amounted to N5.30bn. However, finance costs increased to N10.07bn, resulting in a net finance cost of N4.77bn during the period. Profit before tax settled at N37.46bn, with income tax expenses of N12.36bn bringing profit after tax to N25.1bn.

The company also reported a total comprehensive income of N25.1bn, with basic and diluted earnings per share both standing at N10.04, compared to N9.68 in the same period of 2024.

A breakdown of its statement of financial position showed that total assets grew to N273.15bn as of September 30, 2025, compared to N243.47bn recorded as of December 31, 2024. This increase was driven by growth in trade and other receivables, which rose significantly to N170.35bn from N121.82bn at the end of last year.

Non-current assets, however, declined to N66.26bn from N72.67bn, reflecting a decrease in property, plant, and equipment. Total equity rose to N56.41bn from N52.56bn recorded at the end of December 2024, supported by retained earnings of N55.19bn.

On the liabilities side, Geregu Power reduced its non-current borrowings from N8.48bn to N4.48bn and its bond payable from N32.07bn to N24.05bn, showing progress in debt repayment. Total liabilities increased to N216.74bn due to higher current tax payables and trade obligations.

The PUNCH reported that Geregu Power Plc has reported a profit after tax of N20.18bn for the half year ended June 30, 2025, slightly higher than the N20.01bn recorded in the same period of 2024.(punch)