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Geregu Power Plc, one of Nigeria’s leading electricity generators, posted a slight increase in pre-tax profit to N41.98 billion for the full year ended December 31, 2025, up 1.74% from N41.26 billion in 2024.
The fourth-quarter pre-tax profit dipped to N9.56 billion, below the N11.78 billion recorded in Q3 2025 and slightly under the N9.84 billion posted in Q4 2024.
The company’s revenue jumped 34.9% to N184.94 billion, fuelled by higher energy sales and capacity charges. “Revenue growth was driven primarily by a surge in income from energy sold, which rose to N120.81 billion from N87.69 billion in 2024,” Geregu noted. Capacity charges also climbed to N64.12 billion from N49.44 billion, while other income, including insurance claims and scrap disposals, more than tripled, bolstering earnings.
However, rising costs weighed on the bottom line. Profit after tax slipped slightly to N27.25 billion from N27.42 billion the previous year. The cost of sales surged 48.8% to N110.73 billion, mainly due to a 35% rise in gas supply and transportation costs, while depreciation increased to N10.31 billion following a major plant overhaul. Despite these pressures, gross profit expanded to N74.21 billion from N62.73 billion, aided by a dramatic fall in foreign exchange losses from N610.2 million to just N20.1 million.
On the balance sheet, total assets rose to N305.0 billion from N243.5 billion, driven by higher receivables and a doubling of inventories. Liabilities climbed to N246.38 billion from N190.91 billion, mainly due to trade payables and short-term borrowings, but equity improved to N58.63 billion, supported by strong retained earnings.
In the stock market, Geregu’s shares have remained largely flat at N1,141.50 between March 2025 and January 2026, down slightly from N1,150 at the start of 2025. The company ranks as the 10th most valuable listed firm on the Nigerian Exchange, with a market capitalisation of N2.85 trillion, accounting for 2.68% of NGX equities.
Reflecting confidence in earnings stability, the board has proposed a dividend of N9.00 per share for 2025, up from N8.50 in 2024.
Notably, billionaire businessman Femi Otedola, who previously held a 77% controlling stake in Geregu Power, recently completed a landmark $750 million divestment. 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.
