Geregu Power Plc has published its interim financial statements for the first quarter ended March 31, 2025, reporting a pre-tax profit of N13.01 billion.
This indicates a decline of 40.57% from the N21.9 billion recorded in the same quarter of 2024.
The company’s revenue for the period was N31.7 billion, which represents a 37.02% drop compared to N50.4 billion in the first quarter of 2024.
- Energy sales accounted for the bulk of this revenue at N20.8 billion, while capacity charges contributed the remaining N10.8 billion.
Geregu Power successfully reduced its cost of sales from N22.01 billion in Q1 2024 to N19.7 billion in Q1 2025.
However, gross profit decreased to N12 billion, down from N28.4 billion reported in the same quarter last year.
The company reduced its ‘other loss,’ largely due to unrealized foreign exchange losses, to N7.6 million compared to N529.4 million in Q1 2024.
Nevertheless, profits from core operations stood at N14.6 billion, marking a decline from the N21.7 billion reported during the same period last year.
On the balance sheet, total assets rose to N262.9 billion in Q1 2025, up from N243.4 billion in Q1 2024. Retained earnings, however, decreased to N40.5 billion, down from N51.3 billion.
Key highlights
- Revenue: N31.7 billion, -37.02% YoY
- Cost of sales: N19.7 billion, -10.27% YoY
- Gross profit: N12 billion, -57.75% YoY
- Unrealized foreign exchange loss: N7.6 million, -98.55% YoY
- Operating profit: N14.6 billion, -32.62% YoY
- Profit before income: N13 billion, -40.57% YoY
- Total assets: N262.9 billion, +8.02% YoY
- Retained earnings: N40.5 billion, -21.07% YoY
As of April 12, 2025, Geregu Power shares are priced at N1,141.50 on the Nigerian stock market. In 2024, the company achieved an impressive year-to-date growth of 188.22%.
