Geregu Power Plc has released its unaudited interim financial statements for the third quarter which ended September 30, 2025, it reported a pre-tax profit of N11.151 billion, representing an 82.47 percent year-on-year (YoY) growth, though slightly missing its Q3 2025 forecast.
Combined with its H1 profit of N26.311 billion, the company’s nine-month pre-tax profit stood at N37.462 billion, which is 3.31 percent higher than the nine-month figure for 2024.
Revenue for Q3 2025 grew by 37.38 per cent YoY to N43.834 billion, pushing the nine-month revenue to N131.467 billion; about 96 percent of the 2024 full-year total.
A review of the financial statements shows that energy sales remain the dominant revenue driver, accounting for over 65 percent of total revenue.
Energy sales increased by 39.7 percent to N28.76 billion in Q3, while capacity charges also grew strongly by 33 percent to N15.1 billion.
On the cost side, gas supply and transportation continue to account for a significant portion of direct expenses, consuming over 65 percent of revenue in Q3 2025, compared to about 58 per cent in Q3 2024.
This pressure on input costs led to a 53 percent year-on-year increase in the cost of sales to N28.58 billion in Q3, bringing the nine-month cost of sales to N78.5 billion.
Nevertheless, the company maintained solid profitability, with profit from core operations rising to N12.546 billion in Q3, representing an 89.98 percent increase from N6.604 billion recorded in the same period last year.
On the balance sheet, total assets grew to N273.152 billion as of September 2025, up from N243.470 billion in December 2024.
Trade receivables accounted for over 62 percent of the asset base, while property, plant, and equipment, which dropped by about 9 percent to N66.238 billion, made up 24.2 percent of total assets.
On the equity side, about 98 percent of shareholders’ funds (N56.413 billion) came from retained earnings, indicating that the company’s total assets are roughly five times its shareholders’ equity.
As of the close of trading on October 10, 2025, Geregu Power Plc’s shares were priced at N1,141.50 on the Nigerian Exchange, reflecting a 0.74 percent year-to-date decline.
Geregu Power’s Q3 2025 results highlight a resilient operation, marked by strong revenue growth and improved cost management.
However, the after-tax margin of around 11 percent indicates pressure from taxes, which tempered overall profitability.
Overall, while rising gas and input costs, along with growing receivables, remain key concerns; Geregu’s consistent profitability and solid balance sheet are encouraging.