Geregu Power Plc has released its unaudited interim financial statements for the second quarter ended June 30, 2025, reporting a pre-tax profit of N13.297 billion, representing 61.14% year-on-year growth and exceeding its Q2 2025 forecast.
Combined with its Q1 profit of N13.015 billion, the company’s first-half pre-tax profit stood at N26.311 billion. However, this reflects a 12.74% decline compared to the first half of 2024.
Revenue for Q2 2025 came in at N55.875 billion, marking an impressive 84.72% increase compared to N30.249 billion recorded in Q2 2024, also beating management’s revenue forecast for the quarter.
Despite this strong quarterly performance, first-half 2025 revenue rose modestly by 8.62% year-on-year to N87.633 billion, due to a sharp 37% YoY drop in Q1 revenue.
Nevertheless, the H1 performance remains relatively strong. Geregu Power’s first-half revenue accounts for over 63% of its total revenue in the full year 2024, while first-half profits already represent about 64% of FY 2024 profits, suggesting that the company may exceed its 2024 performance.
A cursory review of the financial statements shows that energy sales remain the dominant revenue driver, accounting for over 64% of total revenue.
On the cost side, gas supply and transportation continue to account for a significant portion of direct expenses, consuming more than 55% of total revenue. This pressure on input costs led to an 87% year-on-year surge in the cost of sales to N32.128 billion in Q2, bringing the half-year cost of sales to N51.884 billion.
Nevertheless, the company maintained solid profitability, with profit from core operations rising to N15.01 billion in Q2, representing a 73.7% increase from the N8.646 billion recorded in the same period last year.
On the balance sheet, total assets grew to N267.6 billion as of June 2025, up from N243.470 billion in December 2024.
This asset growth was primarily driven by a 24% increase in trade and other receivables in Q2 2025 alone
Other key highlights (Q2 2025 vs Q2 2024)
- Cost of sales: N32.13 billion +86.95% YoY
- Gross profit: N23.75 billion +81.77% YoY
- Administrative expenses: N2.64 billion +10.40% YoY
- Impairment loss: N6.08 billion +196.83% YoY
- Operating profit: N15.02 billion +73.73% YoY
- Profit after tax: N9.75 billion +75.61% YoY
- Earnings per share: N3.90 +75.68% YoY
- Total assets: N267.60 billion +9.91%
- Retained Earnings: N50.28 billion -2.08%
- Shareholders’ Funds: N51.50 billion -2.03%
As of July 11, 2025, Geregu Power Plc’s share price stood at N1,141.50 on the Nigerian Exchange, reflecting a 0.74% decline on the day.
In 2024, the company achieved an impressive year-to-date growth of 188.22%.
