Transcorp Power Plc, one of the power subsidiaries of Transcorp Group, has announced its financial results for the third quarter of the year ended September 30, 2024, demonstrating remarkable growth across the business.
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 per cent, recording N81.1 billion, compared to N27.3 billion in September 2023.
Breakdown of the results shows that revenue for the period under review rose by 153 per cent to N223.6 billion from N88.4 billion in the corresponding period of 2023, profit before tax: rose by 198 per cent to N81.1 billion, compared to N27.3 billion in the previous year while profit after tax recorded a 186 per cent increase, rising to N58.5 billion from N20.4 billion in Q3 2023.
Total Assets: Increased by 62 per cent to N362.5 billion as of September 30, 2024, from N223.4 billion in the same period of 2023, shareholders’ funds grew by 82 per cent to N105 billion as of September 30, 2024, up from N57.9 billion FY 2023.
However, net finance cost reduced by 95 per cent to N538.3 million, down from N10.4 billion in Q3 2023 while operating ratios closed at 36.3 per cent net profit margin, 56 per cent return on equity, and 16 per cent return on assets
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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.
He said, “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 capitalizing on more strategic investment opportunities and providing additional value to our shareholders.”
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.
