Transcorp Power Plc, a subsidiary of Transcorp Group, has announced its financial results for the third quarter of the year ending September 30, 2024, showcasing remarkable growth across its operations.
In its unaudited Q3 2024 results filed with the Nigerian Exchange (NGX), Transcorp Power reported a revenue of N223.6 billion, marking a significant 153% increase year-on-year from N88.4 billion in Q3 2023. The company’s profit before tax surged by 198% to N81.1 billion, up from N27.3 billion in the same period last year, highlighting its operational efficiency.
In terms of key financial metrics, Transcorp Power’s net finance costs saw a dramatic reduction of 95%, dropping to N538.3 million from N10.4 billion in Q3 2023. Profit after tax rose by 186%, reaching N58.5 billion, compared to N20.4 billion in Q3 2023. Total assets increased by 62%, amounting to N362.5 billion as of September 30, 2024, up from N223.4 billion in the previous fiscal year.
Shareholders’ funds also grew by 82%, reaching N105 billion, compared to N57.9 billion in FY 2023. The company’s operating ratios demonstrated strong performance, with a net profit margin of 36.3%, a return on equity of 56%, and a return on assets of 16%.
Evans Okpogoro, the Chief Financial Officer of Transcorp Power, expressed strong confidence in the company’s financial trajectory, stating that the significant growth across all metrics reflects their commitment to disciplined cost management and operational efficiency. He emphasized that these efforts have enabled the company to sustain robust margins and outperform industry averages in key areas.
Peter Ikenga, the MD/CEO of Transcorp Power Plc, attributed the quarter’s strong performance to a strategic vision, hard work, and an unwavering commitment to operational excellence. He noted that despite the challenges in the distribution and transmission infrastructure within the power sector, Transcorp Power has demonstrated exceptional financial growth. Ikenga emphasized the company’s dedication to bridging Nigeria’s energy gap and improving lives, highlighting that Transcorp Power accounts for approximately 10% of the total power generated on the national grid. He expressed optimism about sustaining this growth momentum by capitalizing on strategic investment opportunities and enhancing value for shareholders, especially as the market transitions into bilateral contracts outlined in the Electricity Act.
Transcorp Power Plc is one of the electricity-generating subsidiaries of Transnational Corporation Plc (Transcorp Group), a leading listed African conglomerate. The company is committed to improving electricity supply in Nigeria, contributing over 20% of the country’s installed power capacity. Transcorp Power aims to create value across Nigeria and drive economic growth, aligning with its mission to improve lives and transform Africa.
