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Geregu Power Plc posted a 0.6 per cent drop in net profit to N27.3 billion for the full year 2025, compared to the previous year, according to its audited financial report issued on Monday.
The power utility recorded a profit decline despite a marked improvement in turnover, as cost pressures eroded earnings.
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Revenue for the period under review jumped by more than one-third to N184.9 billion, boosted by a notable increase in energy sold, which rose to N120.8 billion from N87.5 billion a year earlier. Capacity charge, the company’s second major income source, also expanded, climbing by 29.1 per cent to N64.1 billion. Other income stood at N1.8 billion in contrast to a loss of N583.8 million a year ago.
Administrative expenses surged by 82 per cent to N17.8 billion, driven by a sharp rise in administrative costs.
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Last month, Femi Otedola, the chairman of First HoldCo Plc, sold his majority shareholding in the power utility to Abuja-based Ma’am Energy Limited in a deal valued at $750 million. According to insiders, a group of lenders led by Zenith Bank facilitated the transaction, with BlackBirch Capital acting as the financial adviser.
Geregu Power’s net finance cost in the period under review soared by 265.5 per cent to N6.2 billion. Profit before tax climbed by 1.7 per cent to N42 billion from N41.3 billion, while profit after tax fell to N27.3 billion from N27.4 billion.
READ ALSO: UP-CLOSE: Meet the new owners of Geregu Power
Total assets were up by 25.3 per cent at N305 billion from N243.5 billion a year ago.
The company has proposed a dividend of N9 per share for the year, equivalent to a payout of N22.5 billion, subject to shareholders’ approval at the next annual general meeting.
The planned cash distribution represents a 5.9 per cent increase over the amount the company paid shareholders in the 2024 financial year. Market capitalisation stood at N2.9 trillion at the end of trade on Monday.
