Transcorp Power Revenue Soars to N223.6bn in Q3 2024

Samuel Mobolaji

Transcorp Power Plc has reported a remarkable revenue increase of N223.6 billion for the third quarter of 2024, reflecting a substantial growth of 153 per cent compared to N88.4 billion in the same period last year, according to its unaudited results filed with the Nigerian Exchange (NGX).

This surge underscores the company’s operational efficiency, with profit before tax soaring by 198 per cent to N81.1 billion, up from N27.3 billion in September 2023.

The company also achieved a 95 per cent reduction in Net Finance Cost, which fell to N538.3 million from N10.4 billion in Q3 2023. Profit After Tax increased by 186 per cent, rising to N58.5 billion from N20.4 billion in the prior year.

Total Assets grew by 62 per cent to N362.5 billion as of September 30, 2024, compared to N223.4 billion at the end of the previous financial year. Shareholders’ Funds also increased by 82 per cent to N105 billion, up from N57.9 billion in FY 2023.

Evans Okpogoro, Chief Financial Officer of Transcorp Power, expressed confidence in the company’s financial trajectory, stating, “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, reinforcing our position as a leader in Nigeria’s power sector.”

Peter Ikenga, Managing Director and CEO of Transcorp Power Plc, attributed the positive results to strategic vision and a relentless pursuit of operational excellence.

He remarked, “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 per cent of total power generated on the national grid.

“As the market transitions into bilateral contracts, as contained in the Electricity Act, we are optimistic about sustaining this momentum by capitalising on more strategic investment opportunities and providing additional value to our shareholders,” he concluded.

Transcorp Power Plc is one of the electricity-generating subsidiaries of Transnational Corporation Plc (Transcorp Group), a leading listed African conglomerate.

The company is committed to improving electricity supply in Nigeria and contributes over 20 per cent of the country’s installed power capacity, demonstrating its mission to improve lives and transform Africa.