Geregu Power Plc has released its unaudited interim financial statements for the third quarter ended September 30, 2025, reporting a pre-tax profit of N11.151 billion, representing an 82.47% year-on-year growth, though slightly missing its Q3 2025 forecast.
Combined with its H1 profit of N26.311 billion, the company’s nine-month pre-tax profit stood at N37.462 billion, which is 3.31% higher than the nine-month figure for 2024.
Revenue for Q3 2025 grew by 37.38% YoY to N43.834 billion, pushing the nine-month revenue to N131.467 billion; about 96% of the 2024 full-year total.
A review of the financial statements shows that energy sales remain the dominant revenue driver, accounting for over 65% of total revenue.
- Energy sales increased by 39.7% to N28.76 billion in Q3, while capacity charges also grew strongly by 33% to N15.1 billion.
On the cost side, gas supply and transportation continue to account for a significant portion of direct expenses, consuming over 65% of revenue in Q3 2025, compared to about 58% in Q3 2024.
- This pressure on input costs led to a 53% year-on-year increase in the cost of sales to N28.58 billion in Q3, bringing the nine-month cost of sales to N78.5 billion.
Nevertheless, the company maintained solid profitability, with profit from core operations rising to N12.546 billion in Q3, representing an 89.98% increase from N6.604 billion recorded in the same period last year.
On the balance sheet, total assets grew to N273.152 billion as of September 2025, up from N243.470 billion in December 2024.
- Trade receivables accounted for over 62% of the asset base, while property, plant, and equipment, which dropped by about 9% to N66.238 billion, made up 24.2% of total assets.
- On the equity side, about 98% of shareholders’ funds (N56.413 billion) came from retained earnings, indicating that the company’s total assets are roughly five times its shareholders’ equity.
Other Key Highlights (Q3 2025 vs Q3 2024)
- Cost of sales: N28.582 billion (+52.62% YoY)
- Gross profit: N17.253 billion (+30.91% YoY)
- Administrative expenses: N2.163 billion (–14.91% YoY)
- Impairment loss: N3.865 billion (–7.51% YoY)
- Operating profit: N12.546 billion (+89.98% YoY)
- Profit after tax: N4.917 billion (+17.74% YoY)
- Earnings per share (EPS): N1.97 (+17.96% YoY)
- Total assets: N273.152 billion (+12.19%)
- Retained earnings: N55.192 billion (+7.49%)
- Shareholders’ funds: N56.413 billion (+7.32%)
As of the close of trading on October 10, 2025, Geregu Power Plc’s shares were priced at N1,141.50 on the Nigerian Exchange, reflecting a 0.74% year-to-date decline.
Insight
- Geregu Power’s Q3 2025 results highlight a resilient operation, marked by strong revenue growth and improved cost management.
- Achieving a pre-tax profit margin above 25% suggests strong operational performance.
- However, the after-tax margin of around 11% indicates pressure from taxes, which tempered overall profitability.
Overall while rising gas and input costs, along with growing receivables, remain key concerns; Geregu’s consistent profitability and solid balance sheet are encouraging.
