Geregu Power Plc has reported a profit after tax of N20.18bn for the half year ended June 30, 2025, slightly higher than the N20.01bn recorded in the same period of 2024.
According to the unaudited interim financial statements filed with the Nigerian Exchange Limited recently, the company’s revenue grew to N87.63bn in the first half of 2025, up from N80.68bn in the corresponding period last year. This growth was driven by increased electricity sales and improved operational efficiency.
However, the company’s cost of sales also increased, rising to N51.88bn from N39.20bn in H1 2024, thereby moderating the gross profit margin. Gross profit stood at N35.75bn, compared to N41.47bn in the same period last year.
Administrative expenses rose by 14 per cent year-on-year to N5.18bn, while impairment losses on financial assets surged to N6.08bn, significantly up from N505.25m recorded in H1 2024. These weighed on the company’s operating profit, which declined to N15.02bn from N29.69bn in the prior year.
Finance costs remained a drag on performance, with net finance cost at N1.72bn during the period. Despite these pressures, profit before tax stood at N26.31bn, while tax expenses amounted to N6.13bn, resulting in a net profit of N20.18bn.
During the period, the company declared and paid a dividend of N21.25bn, exceeding its retained earnings of N20.18bn, and reducing retained earnings to N50.28bn as of June 30, 2025.
Total assets rose to N267.60bn, up from N243.47bn as of December 31, 2024. The growth was driven primarily by an increase in trade and other receivables, which rose from N121.82bn to N150.56bn.
Total liabilities rose to N216.10bn from N190.91bn. Non-current liabilities declined to N36.87bn from N47.53bn due to a decrease in bond payables, which fell to N23.61bn from N32.07bn, and borrowings, which dropped to N6.28bn from N8.48bn.
Current liabilities surged to N179.23bn from N143.37bn. Trade and other payables increased to N120.27bn from N98.14bn, current tax payable rose to N26.10bn from N19.97bn, borrowings climbed to N18.11bn from N14.68bn, and bond payables increased to N14.75bn from N10.59bn.
The company’s total equity and liabilities stood at N267.60bn as of 30 June 2025, up from N243.47bn at the end of 2024, signalling the company’s growing scale and financial activity in Nigeria’s power sector.
Cash and cash equivalents decreased slightly to N39.57bn from N39.94bn at the start of the year, largely due to dividend payments and loan repayments. Cash generated from operating activities stood at N29.63bn during the first half of the year.
The PUNCH reported that Geregu Power Plc has announced an impressive audited financial year result and accounts for the full year ended December 31, 2024, with its profit before tax at N41bn, an increase of 69 per cent from the N24bn declared in the 2023 financial year.
