Transcorp Power Plc has announced a remarkable 153% increase in revenue, reaching N223.6 billion for the third quarter ending September 30, 2024. This growth is a significant improvement from the N88.4 billion reported in Q3 2023, according to the company’s unaudited results filed with the Nigerian Exchange on Monday.
Profit before tax surged by 198% to N81.1 billion, up from N27.3 billion in the same quarter last year. Similarly, profit after tax rose by 186%, reaching N58.5 billion compared to N20.4 billion in Q3 2023. The company’s total assets also grew by 62%, climbing to N362.5 billion from N223.4 billion as of December 2023.
Evans Okpogoro, Chief Financial Officer of Transcorp Power, expressed confidence in the company’s financial trajectory. “We are proud to report significant growth across all metrics. Our disciplined cost management and operational efficiency have enabled us to sustain robust margins and outperform industry averages. This achievement underscores our strategic focus and commitment to excellence, solidifying our position as a leader in Nigeria’s power sector.”
Peter Ikenga, Managing Director/Chief Executive Officer, credited the company’s impressive performance to a strategic vision and dedication to operational excellence. “Despite the challenges in distribution and transmission infrastructure within the power sector, Transcorp Power has once again demonstrated exceptional financial growth. We remain committed to bridging Nigeria’s energy gap, in line with our mission to improve lives.”
Ikenga added, “We are proud to maintain our growth trajectory, accounting for approximately 10% of the total power generated on the national grid. As the market transitions to bilateral contracts under the Electricity Act, we are optimistic about sustaining our momentum by seizing strategic investment opportunities and delivering additional value to our shareholders.”
Transcorp Power is one of the electricity-generating subsidiaries of Transnational Corporation Plc.
