Transcorp Power Plc, a Transcorp Group power business, says it has hit significant milestones in its financial performance for the full year ended 2024, signalling further growth in revenue and profitability.
In the company’s latest audited results, released to the Nigerian Exchange on Thursday, Transcorp Power reported a 115 per cent increase in revenue and 165 per cent growth in Profit After Tax, demonstrating strong operational leadership and strategic execution.
Specifically, the company’s revenue growth increased by 115 per cent, from N142.1bn recorded at the end of the 2023 financial year to N305.9bn in 2024.
The report showed that gross profit also rose significantly by 89 per cent from N75.4bn in 2023 to N142.2bn.
Its profit after tax surged by 165 per cent to N80bn in 2024, up from N30.2bn recorded the previous year.
The financial results revealed that following the complete repayment of its US dollar loan, the company’s gearing ratio reduced significantly from 64.48 per cent at the end of 2023 to 29.70 per cent in 2024, indicating improved financial stability.
Return on assets increased from 13.53 per cent in December 2023 to 20.17 per cent in December 2024, while the company’s return on equity grew from 52.25 per cent in 2023 to 63.19 per cent the following year, demonstrating efficient income generation from equity.
Demonstrating its commitment to shareholder value, the Board of Directors has proposed a final dividend of N3.50k 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.
This dividend payout, it was learned, highlights the company’s strong financial position and reaffirms its dedication to rewarding shareholders for their continued support and investment.
Commenting on the results, the Chairman of Transcorp Power, Emmanuel Nnorom, 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,” he stated.
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.”
Transcorp Power Plc is an electricity-generating subsidiary of Transnational Corporation Plc (Transcorp Group), a listed African conglomerate.
Transcorp Power is committed to improving electricity supply in Nigeria and together with Transafam Power Limited contributes over 20 per cent of Nigeria’s installed power capacity.
Transcorp Group companies operate the 972-megawatt gas-fired Ughelli Power Plant and the 966-MW gas-fired Afam Power Plant, with a total joint installed capacity of approximately 2,000MW.