Geregu Power Plc (NGX: GEREGU) has reported a growth revenue for the financial year ended December 31, 2025, driven by improved power generation output and higher energy sales.
According to the company’s audited financial statements, Geregu Power recorded growth across key income statement and balance sheet indicators, while maintaining solid cash flow generation.
Income Statement
Geregu Power’s revenue rose by 35% to ₦184.94 billion in 2025, compared to ₦137.13 billion recorded in the previous year.
Cost of sales increased to ₦110.73 billion from ₦74.40 billion, driven mainly by higher gas and operating input costs. Despite this, gross profit expanded by 18% to ₦74.21 billion, up from ₦62.73 billion in 2024.
Gross profit margin stood at approximately 40.1%, compared to 45.8% in the prior year.
Administrative expenses jumped to ₦17.82 billion from ₦9.7 billion in 2024.
Operating profit increased by 12% to ₦48.15 billion, compared to ₦42.95 billion in the previous year.
Finance cost increased to ₦12.59 billion from ₦10.23 billion, reflecting higher interest expenses on borrowings and bond obligations.
However, finance income declined to ₦6.43 billion from ₦8.54 billion, resulting in a net finance cost of ₦6.16 billion, compared to ₦1.69 billion recorded in 2024.
Profit before tax rose marginally to ₦41.99 billion, up from ₦41.27 billion in the previous year.
After tax expenses of ₦14.73 billion, Geregu Power recorded a profit after tax of ₦27.25 billion, slightly lower than ₦27.43 billion reported in 2024.Earnings per share stood at ₦10.90 in 2025, compared to ₦10.97 in the prior year.
In its meeting held on 15 January, 2026, Geregu Power Plc Board recommended N9 per share dividend subject to shareholders’ approval at the Annual General Meeting.
Balance Sheet
Geregu Power’s total assets increased by 25% to ₦305.01 billion, from ₦243.47 billion in 2024, driven by higher receivables and stronger working capital position.
Major Components of Assets:
- Property, Plant and Equipment (PPE): ₦63.05 billion
- Trade and Other Receivables: ₦201.11 billion
- Cash and Cash Equivalents: ₦31.85 billion
Total liabilities rose to ₦246.38 billion, from ₦190.91 billion in the previous year, driven mainly by higher trade payables and short-term borrowings.
Major Components of Liabilities: Non-current liabilities: ₦32.21 billion, Current liabilities: ₦214.16 billion
- Deferred tax liabilities: ₦4.02 billion
- Long-term borrowings: ₦4.01 billion
- Bond payable: ₦24.18 billion
- Current liabilities: ₦214.16 billion
- Trade and other payables: ₦136.86 billion
- Tax payable: ₦37.42 billion
- Short-term borrowings: ₦29.93 billion
- Current portion of bond payable: ₦9.97 billion.
Total equity increased to ₦58.63 billion, supported by retained earnings growth to ₦57.34 billion.
Net cash generated from operating activities stood at ₦19.60 billion in 2025, although lower than ₦26.51 billion recorded in the previous year. The decline reflects higher working capital requirements and interest payments.
Geregu Power recorded net cash inflow of ₦2.71 billion from investing activities, supported by interest income and limited capital expenditure during the period.
Net cash used in financing activities amounted to ₦35.83 billion, driven mainly by dividend payments of ₦21.25 billion, loan repayments, and bond coupon payments.
Cash and cash equivalents closed the year at ₦26.40 billion, down from ₦39.94 billion in 2024.
Geregu Power Plc shares price has remained flat at N1,141.5 per share since March 2025.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
