Geregu Power Plc posted a pre-tax profit of N41.98 billion for the full year ended December 31, 2025, a 1.74% increase from N41.26 billion in 2024, driven by stronger energy sales and capacity charges.
Okay News reports that the company’s revenue rose 34.9% to N184.94 billion from N137.13 billion, while gross profit grew 18.3% to N74.21 billion from N62.73 billion.
Profit after tax dipped slightly to N27.25 billion from N27.42 billion, impacted by rising costs.
The board proposed a dividend of N9.00 per share for 2025, up from N8.50 in 2024.
Key highlights include:
- Energy sales: N120.81 billion (up from N87.69 billion)
- Capacity charges: N64.12 billion (up from N49.44 billion)
- Cost of sales: N110.73 billion (up 48.8% from N74.40 billion), mainly from higher gas supply and transportation costs
- Depreciation: N10.31 billion, reflecting major plant overhaul capitalisation
- Total assets: N305.0 billion (up from N243.5 billion)
- Total equity: N58.63 billion (up from N52.56 billion)
The results follow a major ownership change, with billionaire Femi Otedola completing a $750 million divestment of his 95% stake in Amperion Power Distribution Company Ltd (controlling Geregu Power) to MA’AM Energy Ltd in 2025.
MA’AM Energy, now the majority shareholder, is an Abuja-based integrated energy company active in power generation and trading.
Geregu is expected to benefit from the Federal Government’s efforts to resolve outstanding debts in the power sector, including a potential portion of a N500 billion payout to generation companies (Gencos) through bond issuances.
