Transcorp Power profit rises by 165%

Transcorp Power PLC, a Transcorp Group power business, has hit a significant milestone in its financial performance for the full year ended 2024, signalling further robust growth in revenue and profitability.

In the company’s latest audited results released to the Nigerian Exchange (NGX) recently, Transcorp Power reported a 115 percent increase in revenue and 165 percent growth in profit after tax (PAT), demonstrating strong operational leadership and strategic execution.

Specifically, the company’s revenue growth increased by N142.1 billion at the end of the 2023 financial year to N305.9 billion in 2024. Gross profit also rose significantly by 89 percent from N75.4 billion in 2023 to N142.2 billion.

Its profit after tax surged by 165 percent to N80 billion in 2024, up from N30.2 billion recorded the previous year.

The financial results showed that following the complete repayment of its USD loan, the company’s gearing ratio reduced significantly from 64.48 percent at the end of 2023 to 29.70 percent in 2024, indicating improved financial stability.

Return on assets increased from 13.53 percent in December 2023 to 20.17 percent in December 2024, while the company’s return on equity grew from 52.25 percent in FY 2023 to 63.19 percent in FY 2024, demonstrating efficient income generation from equity.

Demonstrating its commitment to shareholder value, the Board of Directors proposed a final dividend of N3.50k per ordinary share, which when combined with the interim dividend of N1.50k paid at half-year, brought the total dividend for the 2024 financial year to N5.00k per ordinary share.

“This dividend payout highlights the company’s strong financial position and reaffirms its dedication to rewarding shareholders for their continued support and investment,” a company’s statement noted.

Read als: Transcorp Power posts 115% pre-tax profit, to pay N37.5bn full dividend

Commenting on the results, Emmanuel Nnorom, chairman, Transcorp Power, emphasised the company’s focus on stakeholder value. “Transcorp Power has become one of Nigeria’s most formidable power operators, committed to bridging the energy gap in the country and contributing to the nation’s economic growth.

“This financial performance reflects our unwavering commitment to our shareholders and stakeholders. We remain steadfast in our pursuit of value creation and assure our investors of continued robust returns. I am proud of how our organisation faced and responded to a particularly challenging market and macroeconomic environment and our future is bright.”

Speaking on the performance, Peter Ikenga, chief executive officer, Transcorp Power, attributed the results to the company’s strategic investments and a deliberate focus on enhancing operational efficiencies.

He said, “Transcorp Power is dedicated to financial discipline and delivering unparalleled value to our stakeholders. Since our public listing, we have maintained consistent growth across all financial metrics, aligning with our mission to deliver value. We are confident in our ability to sustain this trajectory of success.”

Transcorp Power PLC is an electricity generating subsidiary of Transnational Corporation Plc (Transcorp Group), a leading, listed African conglomerate.