Transcorp Power Plc has reported a remarkable 153 percent increase in revenue, reaching N223.6 billion for the third quarter ending September 30, 2024.
This significant growth is an improvement from the N88.4 billion recorded in Q3 2023.
In its unaudited Q3 2024 results, which were submitted to the Nigerian Exchange on Monday, the company highlighted that profit before tax surged by 198 percent to N81.1 billion, compared to N27.3 billion during the same period last year. Additionally, profit after tax rose by 186 percent, reaching N58.5 billion, up from N20.4 billion in Q3 2023.
Total assets for the company increased by 62 percent, growing from N223.4 billion as of December 2023 to N362.5 billion.
Commenting on these results, Chief Financial Officer Evans Okpogoro expressed strong confidence in the company’s financial trajectory. He stated, “We are proud to announce significant growth across all our metrics.
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Our commitment to disciplined cost management and operational efficiency has enabled us to maintain robust margins and outperform industry averages in key areas. This achievement reflects our strategic focus and dedication to excellence, solidifying our position as a leader in Nigeria’s power sector.”
Peter Ikenga, Managing Director and CEO of Transcorp Power, attributed the company’s impressive performance to a clear strategic vision, hard work, and a relentless pursuit of operational excellence.
He noted, “Despite the distribution and transmission challenges in the power sector, Transcorp Power has once again demonstrated exceptional financial growth, as evidenced by our results. We continue to work towards bridging Nigeria’s energy gap, aligning with our purpose to improve lives.”
Ikenga further emphasized that the company has sustained its remarkable growth trajectory, contributing approximately 10 percent of the total power generated on the national grid. Looking ahead, he expressed optimism about maintaining this momentum as the market shifts to bilateral contracts under the Electricity Act, highlighting plans to capitalize on strategic investment opportunities and deliver additional value to shareholders. Transcorp Power is one of the electricity-generating subsidiaries of Transnational Corporation Plc.
