Transcorp Power Plc Announces A Robust Q3 2024 Performance With 153% Revenue Growth, 198% Profit Surge

Transcorp Power Plc, a leading subsidiary of Transcorp Group, has announced exceptional financial results for the third quarter ending September 30, 2024, reflecting remarkable growth across key metrics.

The company’s unaudited financials filed with the Nigerian Exchange (NGX) highlight a significant increase in both revenue and profitability, demonstrating strong operational efficiency and strategic focus.

For the third quarter of 2024, Transcorp Power recorded revenue of N223.6 billion, marking a 153 percent increase from the N88.4 billion reported during the same period in 2023. Profit before tax surged by an impressive 198 percent, reaching N81.1 billion, up from N27.3 billion in Q3 2023. This underscores the company’s robust growth and its ability to navigate the challenges of the power sector.

The company’s financial performance also saw a 95 percent reduction in net finance costs, dropping to N538.3 million from N10.4 billion in the previous year. Profit after tax rose 186 percent, totalling N58.5 billion compared to N20.4 billion in Q3 2023. Transcorp Power’s total assets also grew significantly by 62 percent, reaching N362.5 billion as of September 30, 2024, compared to N223.4 billion at the end of the 2023 fiscal year. Additionally, shareholders’ funds increased by 82 percent, climbing to N105 billion from N57.9 billion in 2023. The company’s operational strength is further reflected in its 36.3 percent net profit margin, 56 percent return on equity, and 16 percent return on assets.

Commenting on the results, Mr. Evans Okpogoro, Chief Financial Officer (CFO) of Transcorp Power, expressed confidence in the company’s trajectory, stating: “We are proud to announce significant growth across all our metrics. Our disciplined cost management and operational efficiency have enabled us to sustain robust margins and outperform industry averages.”

Mr. Okpogoro also stated that the company’s performance reflects its strategic focus and dedication to excellence, solidifying its position as a leader in Nigeria’s power sector.

Mr. Peter Ikenga, Managing Director (MD) and CEO of Transcorp Power Plc, attributed the company’s success to its strategic vision, hard work, and relentless pursuit of operational excellence. “Despite the distribution and transmission infrastructural challenges in the power sector, Transcorp Power has once again demonstrated exceptional financial growth, as reflected in our impressive results,” Mr. Ikenga noted.

He further emphasised the company’s pivotal role in addressing Nigeria’s energy gap, contributing approximately 10 percent of the total power generated on the national grid.

Mr. Ikenga also expressed optimism about the company’s future, particularly as the Nigerian power market transitions into bilateral contracts under the Electricity Act. He stated, “We are optimistic about capitalizing on more strategic investment opportunities and delivering additional value to our shareholders.”

With these robust financial results, Transcorp Power Plc reaffirms its commitment to powering Nigeria’s development, maintaining its leadership in the energy sector, and positioning itself for continued success through ongoing innovation and strategic investments.