Geregu Power Plc, a major Nigerian electricity producer, has posted a pre-tax profit of ₦41.98 billion for the year ended December 31, 2025, marking a slight improvement from the ₦41.26 billion it recorded in the prior year. This result reflects modest profit growth amid a backdrop of stronger energy sales, even as costs climbed during the period.
The company’s annual revenue jumped by nearly one-third, rising from ₦137.13 billion in 2024 to ₦184.94 billion in 2025. This sharp increase was driven primarily by greater demand for electricity and higher capacity charges, key components of a power generator’s revenue stream.
“Revenue: N184.94 billion (Up 34.9% YoY from N137.13 billion)”
Despite the strong top-line growth, cost pressures were evident throughout the year. The company’s cost of sales surged nearly 49 %, climbing to ₦110.73 billion. A significant portion of this increase was due to higher gas supply and transportation costs, expenses that weigh heavily on the margins of thermal power producers.
On the profit line, the full-year profit after tax slipped slightly from ₦27.42 billion in 2024 to ₦27.25 billion in 2025, highlighting how rising operating costs dampened net returns.
In the fourth quarter, Geregu Power recorded a pre-tax profit of ₦9.56 billion, which was lower than the ₦11.78 billion it earned in the third quarter. It was also slightly below the ₦9.84 billion reported in the same quarter of 2024, suggesting that the year-end results were mixed despite the overall positive picture.
The company’s board has proposed a ₦9.00 per share dividend for 2025, up from ₦8.50 per share in 2024, pending shareholder approval. This continues a trend of rising payouts to investors and reflects board confidence in future earnings stability.
From a balance sheet perspective, total assets expanded significantly to ₦305.0 billion, up from ₦243.5 billion, as the company built up receivables and inventory. Equity also improved to ₦58.63 billion, supported by retained earnings. However, liabilities rose faster, increasing financial leverage and indicating potential pressure points in short-term funding.
Geregu’s share price remained largely flat throughout the year, ending 2025 around ₦1,141.50, similar to its level in early 2025. As a result, shareholders saw minimal capital gains despite the company’s strong operational performance.
The broader energy sector landscape also plays into Geregu Power’s results. Last year, the company completed a significant change in ownership, with MA’AM Energy Ltd acquiring a majority stake from billionaire investor Femi Otedola in a deal valued at $750 million. This remains one of the largest power-sector deals in Nigeria’s private energy history.
Geregu Power’s stronger revenue performance contributes to Nigeria’s macroeconomic recovery by reinforcing energy infrastructure, boosting investor confidence, and supporting industrial activity. Stable power generation helps reduce operational bottlenecks across sectors, potentially lifting GDP growth and attracting further foreign investment into critical infrastructure industries.
