Transcorp Power Grows Profit by 186% to N58.5 Billion
Transcorp Power Plc grew profit by 186% year on year to N58.5 billion at the end of the third quarter of financial year 2024, from N20.4 billion in the comparable period in 2023.
In its regulatory filing, the company said its revenue printed at N223.6 billion, representing a significant 153% growth year-on-year, over N88.4 billion in Q3 2023. Profit before tax surged by 198% to N81.1 billion, compared to N27.3 billion in September 2023.
Net finance cost reduced by 95% to N538.3 million, down from N10.4 billion in Q3 2023.
In the period, Transcorp Power Plc total assets increased by 62% to N362.5 billion as of September 30, 2024, from N223.4 billion 2023. Its shareholders’ funds grew by 82% to N105 billion as of September 30, 2024, up from N57.9 billion 2023.
Commenting on the results, the Chief Financial Officer, Transcorp Power, Evans Okpogoro, expressed strong confidence in the company’s financial trajectory, said: “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, and positioning as a leader in Nigeria’s power sector”.
In response to the results, Peter Ikenga, MD/CEO, Transcorp Power Plc, commented on the Company’s performance this quarter, attributing it to a strategic vision, hard work, and relentless pursuit of operational excellence .
“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% of total power generated on the national grid.
“As the market transitions into the bilateral contracts, as contained in the Electricity Act, we are optimistic about sustaining the momentum by capitalizing on more strategic investment opportunities and providing additional value to our shareholders.” #Transcorp Power Grows Profit by 186% to N58.5 Billion NGX Hits N59.5Trn as Aradel Holdings Comes to Market
