Mkpoikana Udoma
Port Harcourt — Transcorp Power Plc, a leading subsidiary of Transcorp Group, has recorded a remarkable financial performance for the third quarter of 2024, with revenue soaring 153% compared to the previous year.
In its unaudited results filed with the Nigerian Exchange, NGX, the company announced a revenue of N223.6 billion, up from N88.4 billion in Q3 2023.
Profit before tax also experienced a staggering 198% increase, reaching N81.1 billion, a significant rise from N27.3 billion in the same period last year; while profit after tax increased by 186%, reaching N58.5 billion, compared to N20.4 billion in the previous year.
Net finance costs were reduced by 95%, dropping to N538.3 million from N10.4 billion in Q3 2023, while total assets rose by 62% to N362.5 billion, and shareholders’ funds grew by 82% to N105 billion.
Chief Financial Officer, Transcorp Power Plc, Mr Evans Okpogoro, who expressed pride in the company’s achievements, said Transcorp Power Plc remains dedicated to enhancing electricity supply across Nigeria, contributing over 20% of the country’s installed power capacity.
“This strong performance reflects our relentless commitment to operational excellence and disciplined cost management. We have successfully optimized our operations, allowing us to sustain robust margins while driving significant growth.”
Also, the Managing Director and Chief Executive Officer, Transcorp Power Plc, Mr. Peter Ikenga attributed the strong performance to the company’s strategic vision and the hard work of its dedicated team.
“Despite the ongoing challenges in Nigeria’s power sector, including distribution and transmission issues, we have demonstrated exceptional resilience and growth.
“Transcorp Power remains committed to bridging the energy gap in Nigeria, and our performance this quarter reflects our determination to improve lives through reliable electricity supply.”
Ikenga further emphasized the company’s significant role in the national grid, stating,
“We account for approximately 10% of total power generated in Nigeria. As the market evolves with the introduction of bilateral contracts under the Electricity Act, we are poised to capitalize on new investment opportunities and continue delivering value to our shareholders.”
