Prime Business Africa
Geregu Power’s revenue dropped to N18.65 billion in the first half (H1) of 2026, failing to achieve the N87.63 billion generated in H1 2025, indicating a 78.71 percent decline.
According to analysis of the company’s unaudited interim financial statements for H1 2026, cost of sales also decreased by 77.39 percent to N11.73 billion, below the N51.88 billion expended in the same period the year before.
Join our WhatsApp ChannelAs a result, Geregu’s gross profit fell to N6.92 billion during the period under review, compared to the N35.74 billion reached in the first half of 2025, representing a decline of 80.62 percent.
However, the power generating company managed to recover from the N12.30 million other loss recorded in the previous year’s H1 with a N2.80 million other income in H1 2026.
The impact was, however, erased by an 181.84 percent increase in administrative expenses, which grew to N14.56 billion in the first half of this year, compared to the N5.16 billion incurred in the corresponding period in 2025.
This contributed to operating profit declining by 71.45 percent to N8.47 billion during the same period in H1 2026, compared to the N29.68 billion recorded between January and June 2025
The company’s poor earnings performance continued with a 29.19 percent drop in finance income, as it nosedived to N2.49 billion in H1 2026, below the N3.52 billion earned in the corresponding period last year.
While the finance income declined by double digits, finance costs surged by 8.82 percent to N7.40 billion in the first six months of this year, up from the N6.80 billion incurred in the first half of 2025.
As a result, Geregu’s net finance cost increased to N4.91 billion between the first quarter (Q1) and second quarter (Q2) of 2026, surpassing the N3.27 billion sustained in H1 2025 by 49.70 percent.
Following the poor earnings performance, the company’s profit before tax (PBT) dropped to N3.56 billion in H1 2026, indicating Geregu failed to replicate the N26.40 billion achieved in the previous year’s first half.
With the company’s pretax profit declining by 86.49 percent year-on-year, Geregu’s income tax fell by 82.67 percent to N1.06 billion, from N6.12 billion.
This impacted the firm’s profit after tax (PAT), which nosedived to N2.50 billion in the first half of this year, compared to the N20.27 billion earned in the same period in 2025, reflecting an 87.65 percent decline.
Meanwhile, in full year (FY) 2025, despite a double-digit growth in Geregu Power’s top line, the company’s bottom line declined amid rising interest payments on its borrowings.
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Prime Business Africa is a business, economy and policy news platform founded in 2021 by veteran journalist and media scholar, Dr Marcel Mbamalu, after he left The Guardian as Editor.
Dr Mbamalu, who serves as Founder and Publisher, set up Prime Business Africa to deliver sharp, data-driven reporting on Nigeria’s markets, trade, investment, and governance trends for decision-makers, entrepreneurs, and policy leaders.
He also writes The Bottom Line, a backpage column for Punch Newspaper every Thursday.
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