Net profit at Nigeria’s first listed power generation company, Geregu Power Plc, is expected to extend its rally into the first quarter of 2026 as a stronger anticipated revenue lifts the bottom line.
After tax profit is projected to climb to N12.02 billion between January and March next year, that’s a 15.2 percent rise compared to N10.43 billion recorded in the same period this year.
The expected profit rally is primarily driven by an 80 percent year-on-year rise in top line, predicted to surge to N57.11 billion next year from N31.75 billion in the same period in 2025.
Geregu Power has been on a profit run so far this year as the Femi Otedola-owned generating company recorded its highest net profit in more than five years by the end of the nine months ended in September 2025, buoyed by a stronger revenue, despite widening finance costs.
The company’s revenue surged to N131.4 billion in 9M’25, up from N112 billion reported in the same period last year, with 65 percent of the total amount from energy sales.
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A breakdown of the total revenue made during the period revealed that energy sold rose to N85.5 billion, up from N71.4 billion, while the capacity charge rose to N45.9 billion.
The increase impacted the power-generating firm’s after-tax profit by 4.1 percent, to N25.1 billion from N24.1 billion.
In an earlier guidance, Geregu Power had forecast net profit for the full year to close at a record N44.02 billion, almost double what the electricity supplier generated in the prior year.
Geregu Power, led by billionaire Femi Otedola, is banking on a soaring revenue that is projected to hit N120.66 billion in H2 – that’s significantly higher than the entire turnover recorded in 2023 at N82.9 billion.
The Kogi-based company is expected to post its highest revenue ever in 2025 at N207.66 billion, representing a 51.45 percent rise from the previous year.
But with the nine-month profit results, the company must earn about N18.9 billion in Q4 alone to meet its full-year projection, which would amount to the last quarter accounting for 43 percent of the FY target.
For Q1 next year, management sees gross profit reaching N22.87 billion, while operating profit is expected to print at N18.11 billion. That brings profit before tax to N17 billion.