Transcorp Power Plc , in its Q3 2024 unaudited results filed with the Nigerian Exchange (NGX), recorded revenue of N223.6 billion, representing a significant 153% growth year-on-year over N88.4 billion it posted in Q3 2023.
This, according to market observers, highlights operational efficiency, even as profit before tax for the period surged by 198 per cent, recording N81.1 billion, compared to N27.3 billion in September 2023.
While its Net Finance Cost reduced by 95 per cent to N538.3 million, down from N10.4 billion in Q3 2023, it’s Profit After Tax rose by 186 per cent, rising to N58.5 billion from N20.4 billion in Q3 2023.
Total Assets, it stressed, increased by 62 per cent to N362.5 billion as of September 30, 2024, from N223.4 billion in FY 2023, while Shareholders’ Funds grew by 82 per cent to N105 billion as of September 30, 2024, up from N57.9 billion FY 2023.
In its Q3 2024 unaudited results filed with the Nigerian Exchange (NGX), Transcorp Power reported revenue of N223.6 billion, representing a significant 153 per cent growth year-on-year, over N88.4 billion in Q3 2023, Highlighting operational efficiency, profit before tax for the period surged by 198%, recording N81.1 billion, compared to N27.3 billion in September 2023.
Commenting on the results, the chief financial officer, Transcorp Power, Evans Okpogoro, expressed strong 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, and positioning as a leader in Nigeria’s power sector,” he stressed.
Responding to the results, MD/CEO, Transcorp Power Plc, Peter Ikenga, attributed the positive results 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 per cent 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 capitalising on more strategic investment opportunities and providing additional value to our shareholders,” he pointed out.
Transcorp Power Plc is one of the electricity generating subsidiaries of Transnational Corporation Plc (Transcorp Group), a leading, listed African conglomerate.
Transcorp Power is committed to improving electricity supply in Nigeria and contributes over 20 per cent of the country’s installed power capacity. The company is creating value across Nigeria and driving economic growth, demonstrating its mission to improve lives and transform Africa.
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