Transcorp Power Plc has reported a 153% surge in revenue, reaching N223.6 billion for the third quarter ending on September 30, 2024. This information was included in the company’s Q3 2024 unaudited financial statement, released on Monday and filed with the Nigerian Exchange. The increase marks significant growth compared to the N88.4 billion recorded in Q3 2023.
Profit before tax also rose substantially, up 198% to N81.1 billion from N27.3 billion in the previous year, while profit after tax increased by 186%, reaching N58.5 billion compared to N20.4 billion in Q3 2023. Total assets saw a notable rise as well, climbing 62% to N362.5 billion from N223.4 billion as of December 2023.
Evans Okpogoro, Chief Financial Officer of Transcorp Power, expressed strong optimism about the company’s financial direction, noting, “We’re thrilled with growth across all our key metrics. Our commitment to prudent cost control and efficient operations has allowed us to maintain healthy margins and achieve performance levels above industry standards. This success reflects our strategic priorities and firm commitment to excellence, establishing our leadership in Nigeria’s power sector.”
The Managing Director and CEO of Transcorp Power, Peter Ikenga, attributed the company’s strong performance to strategic planning, dedication, and a drive for operational excellence.
“Despite the ongoing challenges in power distribution and transmission infrastructure, Transcorp Power continues to demonstrate robust financial growth, as evident from our outstanding results. Our mission remains focused on closing Nigeria’s energy gap, in line with our purpose of improving lives,” Ikenga stated.
“I’m pleased to confirm that our growth trajectory remains strong, securing our role as a leading contributor to the national grid, accounting for about 10% of the country’s total power generation. As the sector advances towards bilateral contracts under the new Electricity Act, we are confident in maintaining our momentum through strategic investments, delivering more value to our shareholders.”
Transcorp Power operates as a key power-generation subsidiary of Transnational Corporation Plc, contributing significantly to Nigeria’s energy landscape.
