Transcorp Power Plc reports 153% revenue growth, 198% increase in profits for third quarter of 2024
By Jeffrey Agbo
Transcorp Power Plc has announced its financial results for the third quarter of the year ending September 30, 2024, demonstrating remarkable growth across the business.
In its Q3 (third quarter) 2024 unaudited results filed with the Nigerian Exchange (NGX), Transcorp Power reported revenue of N223.6 billion, representing a significant 153% growth year-on-year, over N88.4 billion in Q3 2023, Highlighting operational efficiency, profit before tax for the period surged by 198%, recording N81.1 billion, compared to N27.3 billion in September 2023.
The company said it achieved N223.6 billion in Q3 2024, a 153% increase from N88.4 billion in Q3 2023; reduced net finance cost by 95% to N538.3 million, down from N10.4 billion in Q3 2023; increased profit before tax by 198% to N81.1 billion, compared to N27.3 billion in the previous year and achieved a 186% increase in profit after tax, rising to N58.5 billion from N20.4 billion in Q3 2023.
It also said it increased total assets by 62% to N362.5 billion as of September 30, 2024, from N223.4 billion in FY 2023; grew shareholders’ funds by 82% to N105 billion as of September 30, 2024, up from N57.9 billion FY 2023; and had 36.3% net profit margin, 56% return on equity, and 16% return on assets.
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Commenting on the results, the Chief Financial Officer, Transcorp Power, Evans Okpogoro, expressed strong confidence in the company’s financial trajectory, stating:
“We are proud to announce significant growth across all our metrics. Our commitment to disciplined cost management and operational efficiency has not only enabled us to sustain robust margins but has also positioned us to outperform industry averages in key areas. This achievement reflects our strategic focus and dedication to excellence, and positioning as a leader in Nigeria’s power sector.”
In response to the results, Peter Ikenga, MD/CEO, Transcorp Power Plc, commented on the company’s performance this quarter, attributing it to a strategic vision, hard work, and relentless pursuit of operational excellence.
“Despite the distribution and transmission infrastructural challenges faced in the Power Sector, Transcorp Power has once again demonstrated exceptional financial growth, as reflected in our impressive results. We continue to strive to bridge the energy gap in Nigeria, in line with our purpose to improve lives. I am proud to report that we have sustained our remarkable growth trajectory and maintained our position as a leading contributor to the country’s power sector, accounting for approximately 10% of total power generated on the national grid. As the market transitions into the bilateral contracts, as contained in the Electricity Act, we are optimistic about sustaining the momentum by capitalizing on more strategic investment opportunities and providing additional value to our shareholders.”
Transcorp Power Plc is one of the electricity-generating subsidiaries of Transnational Corporation Plc (Transcorp Group).
