Geregu Power Plc has published its unaudited financial results for the second quarter ended June 30, 2025, showcasing a robust pre-tax profit of ₦13.297 billion. This marks a 61.14% year-on-year (YoY) growth and surpasses the company’s internal forecast for the period.
Adding to the ₦13.015 billion pre-tax profit reported in Q1 2025, Geregu Power’s cumulative profit before tax for the first half of the year stood at ₦26.311 billion. However, this represents a 12.74% decline when compared to its performance in the first half of 2024.
Revenue for the second quarter reached ₦55.875 billion, a notable 84.72% increase from ₦30.249 billion in Q2 2024. This figure also exceeded management’s expectations for the quarter.
Despite the remarkable quarterly growth, total revenue for the first half of 2025 climbed modestly by 8.62% year-on-year to ₦87.633 billion, constrained by a steep 37% YoY drop in Q1 revenue.
Nevertheless, the first-half results indicate solid performance relative to the previous year. As it stands, Geregu Power’s H1 revenue accounts for over 63% of its full-year 2024 revenue, while H1 pre-tax profits represent approximately 64% of last year’s annual figure — suggesting the company could outperform its 2024 earnings if current trends continue.
A review of the financials reveals that energy sales remain the company’s primary revenue source, contributing more than 64% of total earnings.
Cost Structure and Profitability
Cost pressures persisted, primarily due to gas supply and transportation expenses, which consumed over 55% of revenue. This led to a sharp 86.95% YoY increase in cost of sales, which rose to ₦32.128 billion in Q2 and ₦51.884 billion for the first half of the year.
Despite this, Geregu Power posted resilient profitability, with core operating profit in Q2 rising to ₦15.01 billion — a 73.7% increase from ₦8.646 billion recorded in the corresponding period of 2024.
Balance Sheet Developments
As of June 30, 2025, total assets grew to ₦267.6 billion, compared to ₦243.470 billion as of December 2024 — a 9.91% increase. This growth was largely driven by a 24% quarter-on-quarter increase in trade and other receivables.
Key Financial Highlights (Q2 2025 vs Q2 2024):
- Revenue: ₦55.88 billion (+84.72%)
- Cost of Sales: ₦32.13 billion (+86.95%)
- Gross Profit: ₦23.75 billion (+81.77%)
- Administrative Expenses: ₦2.64 billion (+10.40%)
- Impairment Loss: ₦6.08 billion (+196.83%)
- Operating Profit: ₦15.02 billion (+73.73%)
- Profit Before Tax: ₦13.30 billion (+61.14%)
- Profit After Tax: ₦9.75 billion (+75.61%)
- Earnings Per Share (EPS): ₦3.90 (+75.68%)
- Total Assets: ₦267.60 billion (+9.91%)
- Retained Earnings: ₦50.28 billion (–2.08%)
- Shareholders’ Funds: ₦51.50 billion (–2.03%)
Market Performance
As of July 11, 2025, Geregu Power Plc’s stock was trading at ₦1,141.50 per share on the Nigerian Exchange, reflecting a slight 0.74% daily decline.
Notably, in 2024, the company achieved a year-to-date stock growth of 188.22%, underscoring strong investor confidence and market performance.
