Transcorp Power Plc, a subsidiary of Transcorp Group, has reported revenues of N223.6 billion, representing a significant 153 percent growth in Q3 2024 over the N88.4 billion recorded in Q3 2023.
According to its unaudited results filed with the Nigerian Exchange (NGX), Transcorp Power’s profits surged by 198 percent to N81.1 billion compared with N27.3 billion recorded in the year ago period highlighting the company’s increasing operational efficiency.
Similarly profit after tax rose by 186 percent to N58.5 billion from N20.4 billion in Q3 2023 while total assets increased by 62 percent to N362.5 billion as of September 30, 2024, up from N223.4 billion in the 2023 period.
The results also show that net finance cost dropped by 95 percent to N538.3 million, down from N10.4 billion in Q3 2023.
Shareholders’ funds also grew by 82 percent to N105 billion as of September 30, 2024, up from N57.9 billion on FY 2023.
The company’s operating ratios indicate a 36.3 percent net profit margin, 56 percent return on equity, and 16 percent return on assets
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 percent 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.”
