Transcorp Power posts 115% pre-tax profit growth, revenue surges to N306 billion for the FY 2024

According to its audited results submitted to the Nigerian Exchange (NGX), the company recorded a 114.71% year-on-year (YoY) growth in profit before tax, reaching N113.287 billion. Revenue surged to N305.9 billion, reflecting an impressive 115.27% YoY growth.

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

Commenting on the results, Emmanuel N. Nnorom, Chairman, of 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.” 

Also, speaking on the performance, the Chief Executive Officer, of Transcorp Power, Peter Ikenga, 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.” 

Overall Transcorp Power Plc FY 2024 performance, marked by significant growth in revenue, profitability, and operational efficiency is highly encouraging.

Despite the notable increase in the cost of sales (+145.48% YoY), driven by rising natural gas and fuel expenses, the company maintained strong profitability metrics, evidenced by an 88.55% growth in gross profit and a 164.65% surge in profit after tax.

This strong performance is further highlighted by the improved returns on assets (20.17%) and equity (63.19%), signalling enhanced efficiency in asset and equity utilization.

Transcorp Power Plc, a subsidiary of Transnational Corporation Plc, contributes over 20% of Nigeria’s installed electricity capacity through its operations at the Ughelli and Afam gas-fired power plants, with a combined capacity of nearly 2,000 MW.

As part of Transcorp Group’s energy strategy, the company focuses on enhancing electricity supply, driving economic growth, and creating value across Nigeria.