Geregu Power, one of Nigeria’s leading power generating company (GENCOs) that uses gas turbine as a clean energy source to generate power, reported N17.3 billion in gas sales revenue for the first quarter of 2025.
The company’s interim financial statements, released on April 11, 2025, reported a pre-tax profit of N13.014 billion for the first quarter of the financial year that ended March 31, 2025.
The amount reflects a drop of N8.89 billion, about 40.58% compared with ₦21.900 billion recorded in the same period of 2024.
The company paid a tax of N2.583 billion against N7.438 billion paid in the preceding year, bringing profit for the year to N10.431 billion from ₦14.461 billion achieved in the comparative period of last year, representing a decline of 27.09%.
Geregu Power financial results
Geregu Power’s Q1 2025 financials show a total revenue of N31.76 billion, with gas sales contributing N17.31 billion, down from N50.43 billion in Q1 in 2024. Gross profit was N12 billion, compared to N28.41 billion.
Operating profit reached ₦14.67 billion, significantly lower than N21.77 billion the previous year.
The company achieved a gross profit of N12.01 billion, driven by efficient cost management and stable gas procurement. Profit before tax reached N13.01 billion, bolstered by a net finance income of N1.65 billion, despite interest expenses of N3.43 billion.
Strategic implications for Nigeria
Geregu Power maintains high plant reliability, operating a 435-megawatt gas-fired power plant.
The company’s Q1 2025 cash flows from operating activities, before working capital changes, totaled N12 billion, reflecting robust operational cash generation.
Geregu’s strategic gas supply agreements, costing N17.31 billion in Q1, ensure uninterrupted fuel availability, a critical factor in Nigeria’s volatile energy market.
With Africa’s oil and gas investment expected to hit $43 billion (N68 billion) in 2025, Geregu is well-positioned to drive economic progress. Its focus on gas as a transitional fuel aligns with Nigeria’s “Decade of Gas” initiative, promoting energy security and sustainability.
In 2024, the Nigerian oil and gas sector attracted between $16 billion (N25.6 billion) and $17 billion (N27.2 billion) in foreign investment.
The company’s value-added statement shows N16.22 billion in wealth created, with N10.43 billion retained for growth, underscoring its commitment to long-term development.
