Transcorp Power Plc, a subsidiary of the Transcorp Group, has recorded impressive financial results for the year ending 2024, marking significant growth in both revenue and profitability.
In its audited results, disclosed to the Nigerian Exchange (NGX) on Thursday, Transcorp Power revealed a remarkable 115% increase in revenue, soaring from N142.1 billion in 2023 to N305.9 billion in 2024. Additionally, the company’s profit after tax (PAT) skyrocketed by 165%, reaching N80 billion compared to N30.2 billion in the previous year. Gross profit also surged by 89%, increasing from N75.4 billion to N142.2 billion, showcasing the company’s strong financial performance.
The company’s financial stability was bolstered by the full repayment of its USD loan, reducing its gearing ratio from 64.48% in 2023 to 29.70% in 2024. This indicates a more stable financial position, giving investors increased confidence in the company’s long-term prospects. Furthermore, the return on assets increased from 13.53% in 2023 to 20.17% in 2024, while return on equity rose from 52.25% to 63.19%, reflecting efficient income generation from equity.
In recognition of its solid performance, the Board of Directors has proposed a final dividend of N3.50k per ordinary share. This, combined with the N1.50k interim dividend paid earlier, brings the total dividend for the year to N5.00k per ordinary share, underscoring the company’s commitment to rewarding its shareholders.
Emmanuel N. Nnorom, Chairman of Transcorp Power, expressed pride in the company’s achievements: “Transcorp Power has emerged as one of Nigeria’s most formidable power operators, committed to bridging the energy gap and contributing to the country’s economic development. This outstanding financial performance highlights our unwavering dedication to shareholders and stakeholders.”
CEO Peter Ikenga credited the results to strategic investments and enhanced operational efficiencies: “We remain focused on delivering value and ensuring sustained growth. Our track record since our public listing demonstrates our commitment to financial discipline and creating value for our stakeholders.”
Transcorp Power, part of Transcorp Group, contributes more than 20% of Nigeria’s installed power capacity through its operations at the 972 MW Ughelli Power Plant and the 966 MW Afam Power Plant. The company continues to play a vital role in improving electricity supply across Nigeria, in line with Transcorp Group’s integrated energy strategy.