…Revenue up 85% in Q2 as firm positions to outperform 2024 results
Geregu Power Plc has announced a pre-tax profit of ₦13.297 billion for the second quarter ended 30 June 2025, reflecting a robust 61.14 per cent year-on-year increase and surpassing its Q2 forecast.
The Q2 result brings the company’s pre-tax profit for the first half of 2025 to ₦26.311 billion, when combined with the ₦13.015 billion recorded in Q1. However, this represents a 12.74 per cent decline compared to the first half of 2024.
Revenue for Q2 2025 rose sharply to ₦55.875 billion, an 84.72 per cent increase from ₦30.249 billion in Q2 2024. This figure also exceeded management’s expectations for the quarter.
Despite the strong Q2 showing, first-half revenue grew modestly by 8.62 per cent year-on-year to ₦87.633 billion, held back by a significant 37 per cent year-on-year fall in Q1 revenue.
Nonetheless, the first-half performance remains solid. Geregu Power’s H1 2025 revenue has already reached over 63 per cent of its total revenue for the full year 2024, while H1 profits represent approximately 64 per cent of last year’s full-year earnings. This trajectory suggests the company is well on track to outperform its 2024 results.
A review of the financial statements indicates that energy sales remain the principal revenue contributor, accounting for over 64 per cent of the company’s total revenue.
However, input costs continue to exert pressure. Gas supply and transportation expenses alone consumed more than 55 per cent of total revenue, driving an 87 per cent year-on-year increase in cost of sales to ₦32.128 billion in Q2. The total cost of sales for the first half of 2025 stood at ₦51.884 billion.
Despite this, the company delivered a strong operating profit, with income from core activities rising to ₦15.01 billion in Q2, a 73.7 per cent improvement over the ₦8.646 billion posted in the same period in 2024.
Geregu Power’s total assets increased to ₦267.6 billion as of June 2025, up from ₦243.470 billion at the end of December 2024. This growth was driven primarily by a 24 per cent rise in trade and other receivables during Q2 alone.
As of 11 July 2025, the company’s share price stood at ₦1,141.50 on the Nigerian Exchange, reflecting a slight daily decline of 0.74 per cent. Despite the dip, Geregu Power has achieved a year-to-date gain of 188.22 per cent, underlining investor confidence in the firm’s long-term prospects.