Geregu Power Plc has reported a 79.85% decline in pre-tax profit for the nine months ended September 30, 2026, even as its third-quarter result exceeded internal projections.
The unaudited figures show pre-tax profit of N7.55 billion, compared with N37.46 billion in the corresponding period of 2025. Revenue fell 80.71% to N25.35 billion from N131.47 billion, while profit after tax dropped 76.54% to N5.89 billion from N25.10 billion.
The contraction in electricity sales weighed on both main revenue lines — energy sold and capacity charges — and drove the weaker earnings performance.
Key highlights for the nine-month period:
- Revenue: N25.35 billion, down 80.71% year-on-year. - Pre-tax profit: N7.55 billion, down 79.85% year-on-year. - Profit after tax: N5.89 billion, down 76.54% year-on-year. - Earnings per share: N2.35, down 76.59% from N10.04. - Total assets: N245.16 billion, down 19.62% from N305.01 billion at December 2025. - Cash and cash equivalents: N33.26 billion, up 4.44% from N31.85 billion. - Shareholders' equity: N42.02 billion, down 28.33% from N58.63 billion.
Direct cost of sales declined 81.82% to N14.80 billion from N81.40 billion, mirroring lower operating activity, but the reduction was not enough to offset the fall in revenue. Gross profit therefore declined 78.91% to N10.56 billion from N50.06 billion.
Administrative expenses rose 127.29% to N17.08 billion from N7.52 billion, absorbing much of the gross profit. However, a N16.12 billion reversal of impairment losses on financial assets and other income of N4.73 billion, up from N1.31 billion, supported operating earnings. Operating profit for the period stood at N14.31 billion.
Below the operating line, finance income was N2.63 billion against finance costs of N9.39 billion, producing a net financing expense of N6.77 billion that reduced profit before tax. After taxation, profit attributable to shareholders fell to N5.89 billion, with earnings per share at N2.35 compared with N10.04 a year earlier.
