Kayode Olanrewaju 
Geregu Power Plc has reported a solid financial performance for the year ended December 31, 2025, marked by strong revenue growth, improved operating profit and a significantly expanded balance sheet, according to its audited financial statements.
The power generation company recorded revenue of N184.94 billion in 2025, representing a 34.8 per cent increase from N137.13 billion in the prior year. The strong topline performance reflected higher energy sales and improved operational efficiency during the year.
Cost of sales rose to N110.73 billion from N74.40 billion, but this was outpaced by revenue growth, resulting in gross profit increasing to N74.21 billion in 2025, compared with N62.73 billion in 2024.
After accounting for other income of N1.80 billion, administrative expenses of N17.82 billion and impairment charges on financial assets of N10.05 billion, operating profit rose to N48.15 billion, up from N42.95 billion recorded in the previous year.
Finance income stood at N6.43 billion, while finance costs increased to N12.59 billion, leading to a net finance cost of N6.16 billion. Despite higher borrowing costs, profit before income tax improved to N41.99 billion, compared with N41.27 billion in 2024.
Income tax expense for the year amounted to N14.73 billion, resulting in profit after tax of N27.25 billion, broadly in line with the N27.43 billion recorded in the preceding year.
Other comprehensive income for the year was positive at N62.58 million, driven by re-measurement gains on defined benefit plans. Consequently, total comprehensive income for 2025 stood at N27.31 billion.
Earnings per share moderated slightly to N10.90 from N10.97 in 2024, reflecting stable profit performance during the year.
On the balance sheet, total assets expanded significantly to N305.01 billion as at December 31, 2025, from N243.47 billion a year earlier.
This growth was largely driven by a sharp increase in current assets, particularly trade and other receivables, which rose to N201.11 billion from N121.82 billion, despite a decline in cash and cash equivalents to N31.85 billion.
Property, plant and equipment stood at N63.05 billion, compared with N72.86 billion in 2024, reflecting depreciation and asset movements during the year.
Total equity increased to N58.63 billion from N52.56 billion, supported by retained earnings growth to N57.34 billion. Actuarial reserves also returned to positive territory at N33.17 million.
Total liabilities rose to N246.38 billion from N190.91 billion, driven mainly by higher trade and other payables of N136.86 billion and increased current borrowings of N29.93 billion. Non-current liabilities declined to N32.21 billion, reflecting reductions in deferred tax liabilities and long-term borrowings.
The financial statements were approved by the Board of Directors on January 15, 2026, underscoring Geregu Power’s continued position as one of Nigeria’s leading power generation companies amid a challenging operating and financing environment.
