Transcorp Power grows Q3 profit by 198%

Transcorp Power Plc, one of the power subsidiaries of Transcorp Group has announced its financial results for the third quarter (Q3) of the period ended September 30, 2024 (Q3 2024).

In its Q3 2024 unaudited results filed with Nigerian Exchange Limited (NGX), the company demonstrated remarkable growth across the business.

Transcorp Power reported revenue of N223.6 billion, representing a significant 153 percent growth year-on-year, over N88.4 billion in Q3 2023, highlighting operational efficiency, profit before tax (PBT) for the period surged by 198 percent, recording N81.1 billion, compared to N27.3 billion in September 2023.

Evans Okpogoro, Chief Financial Officer, Transcorp Power, expressed strong confidence in the company’s financial trajectory, saying: “We are proud to announce significant growth across all our metrics. Our commitment to disciplined cost management and operational efficiency has
not only enabled us to sustain robust margins but has also positioned us to outperform industry averages in key areas. This achievement reflects our strategic focus and dedication to excellence, and positioning as a leader in Nigeria’s power sector”.

Read also: Transcorp Power grows revenue by 142% to N135.4 billion in H1 2024

Here are  key financial highlights:

Revenue Growth: Achieved N223.6 billion in Q3 2024, a 153 percent increase from N88.4 billion in Q3 2023.

Net Finance Cost: Reduced by 95 percent to N538.3 million, down from N10.4 billion in Q3 2023.

Profit Before Tax: Rose by 198 percent to N81.1 billion, compared to N27.3 billion in the previous year.

Profit After Tax: Achieved a 186 percent increase, rising to N58.5 billion from
N20.4 billion in Q3 2023.

Total Assets: Increased by 62 percent to N362.5 billion as of September 30,
2024, from N223.4 billion in FY 2023.

Shareholders’ Funds: Grew by 82 percent to N105 billion as of September 30, 2024, up from N57.9 billion FY 2023.

Operating Ratios: 36.3 percent net profit margin, 56 percent return on equity, and
16 percent return on assets.

Peter Ikenga, MD/CEO, Transcorp Power Plc, commented on the company’s performance in the third quarter, attributing it to a strategic vision, hard work, and relentless pursuit of operational excellence.

“Despite the distribution and transmission infrastructural challenges faced in the Power Sector, Transcorp Power has once again demonstrated exceptional financial growth, as reflected in our impressive results. We continue to strive to bridge the energy gap in Nigeria, in line with our purpose to improve lives.

“I am proud to report that we have sustained our remarkable growth trajectory and maintained our position as a leading contributor to the country’s power sector, accounting for approximately 10 percent of total power generated on the national grid. As the market transitions into the bilateral contracts, as contained in the Electricity Act, we are optimistic about sustaining the momentum by capitalizing on more strategic investment opportunities and providing additional value to our shareholders,” Ikenga said.