Geregu Power Plc has started the 2026 financial year on a solid note, reporting improved financial strength and a healthier balance sheet in the first quarter. The company revealed that its total equity increased to N60.73 billion as of March 31, 2026, showing growth from N58.63 billion recorded at the end of December 2025.
This rise in equity was largely driven by an increase in retained earnings, which reached N59.45 billion during the period. Retained earnings represent profits the company has kept over time instead of distributing them as dividends, and their growth reflects stronger financial stability.
The company disclosed these figures in its unaudited financial statement submitted to the Nigerian Exchange. The report was approved by the Board of Directors on April 16, 2026, and officially signed by Director Abdullahi Tsafe and Acting Chief Financial Officer Shehu Bello.
Alongside the growth in equity, Geregu Power also made noticeable progress in reducing its debt. Total liabilities dropped from N246.38 billion in December 2025 to N239.33 billion by the end of March 2026. This represents a decrease of about N7.05 billion within just three months, highlighting the company’s effort to lower its financial obligations.
A major part of this reduction came from a decline in bond-related debt. Non-current bond payables decreased from N24.18 billion to N20.04 billion. In addition, the company’s overall borrowings—both short-term and long-term—were reduced by more than N4 billion during the quarter. This move suggests a deliberate strategy to improve financial health by cutting down on debt exposure.
Although Geregu Power’s total assets slightly declined to N300.06 billion from N305.01 billion in December, this drop is not seen as negative. Instead, it reflects the company’s use of cash to pay off liabilities, which aligns with its debt reduction strategy.
As of March 31, the company held N29.37 billion in cash and cash equivalents. Meanwhile, trade and other receivables remained strong at N200.26 billion. This indicates that Geregu Power continues to generate significant revenue, even though a large portion is yet to be collected.
The report also highlighted that total current assets stood at N238.19 billion. This suggests that the company is well-positioned to meet its short-term financial commitments and maintain smooth operations.
Overall, Geregu Power’s performance in the first quarter of 2026 reflects stability and careful financial management. The company appears focused on strengthening its foundation by increasing equity and reducing debt, while still maintaining a strong presence in Nigeria’s power sector.
This steady start comes after a period of change in 2025, which included leadership adjustments and shifts in shareholding. With these early results, Geregu Power seems to be moving forward with a clearer financial direction and improved resilience.
