Geregu Power Plc has recorded a marginal increase in pre-tax profit to N41.98 billion for the full year ended December 31, 2025, up 1.74 per cent from N41.26 billion in 2024, driven primarily by stronger revenue from energy sales and capacity charges.
The company posted profit after tax of N27.25 billion, a slight decline of 0.7 per cent from N27.42 billion the previous year, reflecting higher operating costs that partially offset topline growth.
Revenue surged 34.9 per cent to N184.94 billion from N137.13 billion, with income from energy sold rising to N120.81 billion from N87.69 billion and capacity charges increasing to N64.12 billion from N49.44 billion.
Other income sources, including insurance claims and scrap disposals, more than tripled, providing additional earnings support.
Cost of sales climbed 48.8 per cent to N110.73 billion from N74.40 billion, largely due to a 35 per cent rise in gas supply and transportation costs to N100.42 billion, alongside higher depreciation of N10.31 billion following capitalisation of a major plant overhaul.
Despite these pressures, gross profit improved to N74.21 billion from N62.73 billion, indicating revenue growth helped offset fixed and variable cost increases.
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A sharp reduction in foreign exchange losses, from N610.2 million in 2024 to N20.1 million in 2025, contributed positively to the operating line.
On the balance sheet, total assets expanded to N305.0 billion from N243.5 billion, driven by higher receivables of N201.1 billion and a doubling of inventories.
Liabilities rose to N246.38 billion from N190.91 billion, mainly from increased trade payables and short-term borrowings.
Equity grew to N58.63 billion from N52.56 billion, supported by strong retained earnings, though leverage risk increased.
The board proposed a dividend of N9.00 per share for 2025, up from N8.50 in 2024, signalling confidence in earnings stability.
Geregu shares remained flat at N1,141.50 from March 14, 2025, to January 16, 2026, delivering a year-to-date return of -0.74 per cent in 2025 after a 300 per cent gain in the prior year.
The company ranks as the 10th most valuable listed firm with a market capitalisation of N2.85 trillion, representing about 2.68 per cent of the NGX equity market.
