Transcorp Power posts 115% pre-tax profit to N305.9bn
Transcorp Power Plc has reported a 115 per cent increase in revenue to N305.9 billion in 2024 financial year from N142.1 billion recorded in 2023.
The company’s latest audited results, released to the Nigerian Exchange (NGX), also showed that profit after tax increased by 165 per cent to N80 billion from N30.2 billion.
According to the company, the growth demonstrates strong operational leadership and strategic execution.
The company stated that gross profit also rose by 89 per cent to N142.2 billion from N75.4 billion in 2023.
“The financial results showed that following the complete repayment of its USD loan, the Company’s gearing ratio reduced significantly from 64.48% at the end of 2023 to 29.70% in 2024, indicating improved financial stability,” the company stated.
Return on assets increased to 20.17% from 13.53%, while the company’s return on equity grew to 63.19% from 52.25%, demonstrating efficient income generation from equity.
Demonstrating its commitment to shareholder value, the Board of Directors has proposed a final dividend of N3.50k per ordinary share, which when combined with the interim dividend of N1.50k paid at half-year, brings the total dividend for the 2024 financial year to N5.00k per ordinary share. This dividend payout highlights the company’s strong financial position and reaffirms its dedication to rewarding shareholders for their continued support and investment.
Commenting on the results, Emmanuel Nnorom, Chairman, Transcorp Power, emphasised the company’s focus on stakeholder value.
“Transcorp Power has become one of Nigeria’s most formidable power operators, committed to bridging the energy gap in the country and contributing to the nation’s economic growth. This financial performance reflects our unwavering commitment to our shareholders and stakeholders. We remain steadfast in our pursuit of value creation and assure our investors of continued robust returns. I am proud of how our organisation faced and responded to a particularly challenging market and macroeconomic environment and our future is bright,” he said.
Speaking on the performance, Chief Executive Officer, Transcorp Power, Peter Ikenga, attributed the results to the company’s strategic investments and a deliberate focus on enhancing operational efficiencies.
He said: “Transcorp Power is dedicated to financial discipline and delivering unparalleled value to our stakeholders. Since our public listing, we have maintained consistent growth across all financial metrics, aligning with our mission to deliver value. We are confident in our ability to sustain this trajectory of success.”
