Geregu Power Plc, one of Nigeria’s leading electricity generation companies, has reported a marginal rise in pre-tax profit to N41.98 billion for the full year ended December 31, 2025, reflecting a 1.74% increase from N41.26 billion recorded in 2024.
For the fourth quarter of 2025, the company’s pre-tax profit came in at N9.56 billion, lower than the N11.78 billion posted in Q3 2025, and also slightly below the N9.84 billion recorded in Q4 2024.
The power generation company saw a significant boost in annual revenue, driven by higher energy sales and capacity charges.
However, bottom-line performance was slightly weighed down by rising costs.
The full-year profit after tax slipped marginally to N27.25 billion from N27.42 billion the year before. As Nairametrics earlier reported, the board of directors has proposed a dividend of N9.00 per share for 2025, up from N8.50 in 2024.
Key highlights of the result
- Revenue: N184.94 billion (Up 34.9% YoY from N137.13 billion)
- Gross Profit: N74.21 billion (Up 18.3% YoY from N62.73 billion)
- Operating Profit: Not explicitlystated, but implied to have improved due to topline growth and lower FX loss
- Profit Before Tax: N41.87 billion (Up 1.5% YoY from N41.27 billion)
- Profit After Tax: N27.25 billion (Down 0.7% YoY from N27.43 billion)
- Dividend: N9.00 per share proposed for FY 2025 (Up from N8.50 in FY 2024)
- Cost of Sales: N110.73 billion (Up 48.8% from N74.40 billion in 2024)
- Total Assets: N305.0 billion (Up from N243.5 billion)
- Total Equity: N58.63 billion (Up from N52.56 billion)
What the numbers reveal
The financial results show that revenue growth in 2025 was driven primarily by a surge in income from energy sold, which rose to N120.81 billion from N87.69 billion in 2024.
This was complemented by a higher capacity charge of N64.12 billion, up from N49.44 billion. Other income sources, including insurance claims and scrap disposals, more than tripled and provided further support to earnings.
However, this topline expansion came with a sharp rise in cost of sales, largely due to a 35% increase in gas supply and transportation costs, which hit N100.42 billion. In addition, depreciation rose to N10.31 billion following the capitalisation of a major plant overhaul, reflecting elevated maintenance activity.
Despite these cost pressures, Geregu still delivered improved gross profit, suggesting that revenue growth helped offset some fixed and variable costs. A reduction in foreign exchange losses—from N610.2 million in 2024 to just N20.1 million in 2025—also contributed positively to the operating line.
Balance sheet analysis
On the balance sheet side, total assets expanded due to higher receivables, which rose to N201.1 billion, and a doubling of inventories.
However, liabilities climbed faster, up to N246.38 billion from N190.91 billion, primarily driven by increases in trade payables and short-term borrowings.
Equity improved to N58.63 billion, supported by strong retained earnings, although the overall leverage risk increased.
Stock market performance
Geregu’s share price remained flat at N1,141.50 from March 14, 2025, through January 16, 2026. This marks a slight decline from the opening price of N1,150.00 on January 2, 2025, resulting in a year-to-date return of -0.74% for 2025. The month-to-date performance for January 2026 remains unchanged as the stock has not moved.
Despite muted price movement, Geregu retains a strong market presence, ranking as the 10th most valuable listed company with a market capitalisation of N2.85 trillion, accounting for about 2.68% of the NGX equity market. Over the last three months, the stock has seen limited activity, ranking 93rd in trade volume with 32.2 million shares exchanged across 3,745 deals.
The board has declared a proposed dividend of N9.00 per share for the 2025 financial year, up from N8.50 in 2024, signalling confidence in the company’s earnings stability despite cost pressures.
What you should know
He sold his 95% stake in Amperion Power Distribution Company Ltd (which controlled Geregu Power) to MA’AM Energy Ltd, marking one of Nigeria’s largest private power sector deals.
MA’AM Energy, now the majority shareholder, is an Abuja-based integrated energy company active in power generation and trading.
In addition, Geregu Power is going to benefit from ongoing government efforts to resolve outstanding debts in the power sector, which will further boost the company’s balance sheet.
The company and its new majority owner, MA’AM Energy Ltd, are expected to receive a significant portion of a N500 billion payout by the Federal Government.
This is part of a broader N4 trillion Genco debt, which the government is addressing through bond issuances, potentially boosting sector liquidity and strengthening Geregu Power’s financial position.
