Nigeria, April 16 -- Geregu Power's after-tax profit retreated by 27.9 per cent in January through March, relative to the same period of 2024, the latest earnings report of the electricity producer shows.

Details of the report indicated that revenue fell short of projection by 47.8 per cent or N29.1 billion.

The company set itself a net profit target of N11.3 billion for the period, but it turned out that N10.4 billion of that was achieved.

At N31.8 billion, revenue was 37 per cent weaker, with cost of sales eating up 62.2 per cent of that figure. That compares to a year ago when cost of sales gulped 43.7 per cent of revenue.

Geregu Power is majority-owned by Femi Otedola, the chairman of Nigeria's oldest financial institution First H...