Geregu Power profit falls 79.85% in nine months

LAGOS, Nigeria — Geregu Power Plc reported a pre-tax profit of ₦7.55 billion for the nine months ended September 30, 2026, a decline of 79.85% from ₦37.46 billion in the same period of 2025. Revenue fell 80.71% to ₦25.35 billion from ₦131.47 billion, and profit after tax dropped 76.54% to ₦5.89 billion from ₦25.10 billion.

Despite the weak nine-month performance, the company beat its own forecast for the third quarter. Pre-tax profit for that quarter reached about ₦3.98 billion, against a projection of ₦617.01 million, a beat of 545.4%. Third-quarter revenue of ₦6.70 billion, however, was 28.2% below projection. Third-quarter profit was still well below the level recorded in the same quarter of 2025.

The revenue collapse hit both of the company’s main income streams, electricity sold and capacity charges, which pay for the availability of generating capacity. Direct costs fell 81.82% to ₦14.80 billion from ₦81.40 billion, but not enough to offset the lower revenue. Gross profit fell 78.91% to ₦10.56 billion from ₦50.06 billion.

Administrative expenses rose 127.29% to ₦17.08 billion from ₦7.52 billion. The company was helped by a ₦16.12 billion reversal of impairment losses on financial assets, and by other income that rose to ₦4.73 billion from ₦1.31 billion. Together these left an operating profit of ₦14.31 billion for the period.

Finance costs of ₦9.39 billion outweighed finance income of ₦2.63 billion, producing a net financing expense of ₦6.77 billion. That brought pre-tax profit down to ₦7.55 billion.

Earnings per share fell to ₦2.35 from ₦10.04.

Total assets declined 19.62% to ₦245.16 billion from ₦305.01 billion at the end of 2025. Trade and other receivables fell to ₦126.39 billion from ₦201.11 billion, which accounts for much of the reduction. Cash and cash equivalents rose 4.44% to ₦33.26 billion. Shareholders’ equity fell 28.33% to ₦42.02 billion from ₦58.63 billion, reflecting earnings and shareholder distributions over the period.

The shares closed at ₦825.70 on Friday, October 30, 2026, unchanged from the previous session. The stock has lost 27.7% since its opening price of ₦1,141.50 at the start of the year.