Transcorp Power Plc (Transcorp Power), one of the power subsidiaries of Transcorp Group reported a total revenue of N135.4 billion in H1 2024, representing a 142 percent increase from N55.9 billion in H1 2023 while profit before tax grew by 214 percent to N50.9 billion.
According to the company’s unaudited results sighted by BusinessDay, the profit before tax also grew by 214 percent to N50.9 billion, compared to N16.2 billion in the previous year, and the total assets grew by 45 percent to N322.9 billion as of June 30th, 2024, up from N223.3 billion at the beginning of the year.
“Shareholders’ Funds: Increased by 64% to N94.6 billion as of June 30th, 2024, up from N57.8 billion as of 31st December 2023, boosted by retained earnings,” it stated.
Commenting on the company’s performance, Peter Ikenga, MD/CEO of Transcorp Power, attributed the feat to the company’s strategic vision and relentless pursuit of excellence.
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“This positive performance across key indicators emphasizes our agility and ability to navigate complex market dynamics effectively. We recognize the criticality of power to unlock the value in our dear country, Nigeria and we remain committed towards our goal of bridging the energy gap in our country. We will continue to execute our maintenance program and make the necessary investments to increase our power generating capabilities” he said.
Emmanuel Nnorom, Chairman, Board of Directors noted that the Company’s impressive results in the first half of the year underscores its resilience and operational excellence while navigating the complex power landscape.
He added, “The interim dividend of N1.50 is a testament to our commitment to create value and spread wealth to all our shareholders. The half year performance also further reinforces our consistent upward growth trajectory year on year and confidence that Transcorp Power will continue to deliver exceptional performance in the future. Our shareholders are assured of a sustained high level of performance and superior returns for their investment in Transcorp Power.
“Transcorp Power, which was listed on the Nigerian Exchange (NGX) earlier this year, has continued to show impressive growth, attaining a market capitalisation of N2.8 trillion up from its listed market value of N1.8 trillion.
“With a clear strategic direction and a strong foundation, Transcorp Power is a leading power generation company and is paving the way for the future of energy in Nigeria and beyond. The company remains focused on its mission to provide dependable power solutions, driving economic progress and improving the quality of life for millions.”
