Transcorp Power Plc, a subsidiary of Transcorp Group, has announced its financial results for the third quarter ending September 30, 2024, showcasing remarkable growth across its operations.
The company’s unaudited Q3 2024 results filed with the Nigerian Exchange (NGX) revealed a significant 153% year-on-year revenue growth to N223.6 billion, up from N88.4 billion in Q3 2023.
Transcorp Power’s profit before tax surged by 198% to N81.1 billion, compared to N27.3 billion in the previous year, highlighting operational efficiency.
Key financial highlights include:
Revenue growth of 153% to N223.6 billion Net finance cost reduction of 95% to N538.3 Million
Profit before tax increase of 198% to N81.1 billion
Profit after tax rise of 186% to N58.5 billion
Total assets increase of 62% to N362.5 billion
Shareholders’ funds growth of 82% to N105 billion
Operating ratios: 36.3% net profit margin, 56% return on equity, and 16% return on assets
Evans Okpogoro, Chief Financial Officer, expressed confidence in the company’s financial trajectory.
“Our commitment to disciplined cost management and operational efficiency has enabled us to sustain robust margins and outperform industry averages.”
Peter Ikenga, MD/CEO, attributed the performance to strategic vision, hard work, and operational excellence.
“Despite distribution and transmission infrastructural challenges, Transcorp Power has demonstrated exceptional financial growth, accounting for approximately 10% of total power generated on the national grid.”
Transcorp Power Plc contributes over 20% of Nigeria’s installed power capacity and remains committed to improving electricity supply and driving economic growth.
The company’s impressive Q3 2024 results demonstrate its mission to improve lives and transform Africa through sustainable energy solutions.
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