Geregu Power Plc has launched its unaudited monetary outcomes for the 9 months ended September 30, 2026, reporting a pre-tax profit of N7.55 billion, representing a 79.85% decline from N37.46 billion within the corresponding interval of 2025.
The nine-month income declined by 80.71% to N25.35 billion from N131.47 billion, whereas profit after tax fell by 76.54% to N5.89 billion from N25.10 billion, reflecting the weaker earnings efficiency
In Q3 2026, pre-tax profit reached N3.98 billion, exceeding the corporate’s N617.01 million forecast by 545.4%, despite income falling 28.20% under projections to N6.70 billion. However, the quarterly profit remained considerably under the extent recorded in Q3 2025.
Key Highlights
- Revenue: N25.35 billion (Down 80.71% YoY from N131.47 billion).
- Pre-tax profit: N7.55 billion (Down 79.85% YoY from N37.46 billion).
- Profit after tax: N5.89 billion (Down 76.54% YoY from N25.10 billion).
- EPS: N2.35 (Down 76.59% YoY from N10.04).
- Total belongings: N245.16 billion (Down 19.62% from N305.01 billion at December 2025).
- Cash and money equivalents: N33.26 billion (Up 4.44% from N31.85 billion).
- Shareholders’ fairness: N42.02 billion (Down 28.33% from N58.63 billion).
Driving the numbers
Geregu Power’s nine-month efficiency displays a major contraction in electrical energy gross sales income, which weighed profitability despite the corporate exceeding its third-quarter earnings forecasts.
- Revenue declined by 80.71% to N25.35 billion from N131.47 billion within the corresponding interval of 2025.
The decline affected the corporate’s two major income streams, power offered and capability costs, which account for electrical energy equipped and the supply of producing capability.
- Direct value of gross sales fell by 81.82% to N14.80 billion from N81.40 billion, reflecting the considerably decrease stage of working exercise.
- However, the discount in direct prices was inadequate to offset the income contraction. Consequently, gross profit declined by 78.91% to N10.56 billion from N50.06 billion.
Administrative bills introduced one other stress level, growing by 127.29% to N17.08 billion from N7.52 billion within the corresponding interval of 2025.
- The improve in overheads absorbed a considerable portion of the corporate’s gross profit, additional weakening its underlying working efficiency.
Nevertheless, the corporate benefited from a N16.12 billion reversal of impairment losses on monetary belongings.
- This supplied important assist to working earnings and helped offset the impression of upper administrative bills.
Other revenue additionally elevated to N4.73 billion from N1.31 billion, offering an extra contribution to earnings.
Together, these actions resulted in an working profit of N14.31 billion for the nine-month interval.
Below the working line, finance revenue amounted to N2.63 billion, whereas finance prices stood at N9.39 billion.
The increased finance prices relative to finance revenue resulted in a web financing expense of N6.77 billion, lowering the profit out there earlier than taxation.
- Consequently, pre-tax profit declined by 79.85% to N7.55 billion from N37.46 billion within the corresponding interval of 2025.
- After accounting for taxation, profit after tax fell by 76.54% to N5.89 billion from N25.10 billion.
- Earnings per share consequently declined to N2.35 from N10.04, reflecting the numerous discount in earnings attributable to shareholders.
Despite the weaker nine-month efficiency, the corporate exceeded its printed third-quarter profit forecast, with Q3 pre-tax earnings of roughly N3.98 billion towards a projection of N617.01 million.
Balance sheet
On the steadiness sheet, complete belongings declined by 19.62% to N245.16 billion as of September 2026, from N305.01 billion at December 2025.
The contraction was largely related to a discount in commerce and different receivables, which fell to N126.39 billion from N201.11 billion.
- This represented a major discount in excellent quantities owed to the corporate and contributed to the smaller asset base.
- However, money and money equivalents elevated to N33.26 billion from N31.85 billion.
Shareholders’ fairness declined by 28.33% to N42.02 billion from N58.63 billion, reflecting the mixed impression of earnings and shareholder distributions through the interval.
Market response
Geregu Power shares closed at N825.70 on Friday, October 30, 2026, unchanged from the earlier buying and selling session.
The inventory had declined by 27.7% year-to-date from its opening value of N1,141.50, rating 119th on the Nigerian Exchange by way of year-to-date efficiency.
