In the third quarter ending September 30, 2024 Transcorp Power Plc, has announced a 153 percent growth in its revenue to N223.6 billion.
Transcorp Power is one of the electricity-generating subsidiaries of Transnational Corporation PLC.
In a statement issued on Monday with its third quarter 2024 unaudited results, which was filed with the Nigerian Exchange, Transcorp Power stated that was an improvement from the N88.4 billion it had in the third quarter of 2023.
Profit before tax for the period surged by 198 percent to N81.1billion, compared to N27.3 billion in the same period in the previous year, while profit after tax rose by 186 percent to N58.5 billion from N20.4 billion in the third quarter of 2023.
The company’s total assets increased by 62 percent to N362.5 billion from N223.4 billion as of December 2023.
Speaking on the results, Evans Okpogoro, the Chief Financial Officer of Transcorp Power, expressed strong confidence in the company’s financial trajectory.
“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,” he stated.
Peter Ikenga, the Managing Director/Chief Executive Officer of Transcorp Power, attributed the firm’s impressive performance to a strategic vision, hard work, and relentless pursuit of operational excellence.
Ikenga said, “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 per cent 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 capitalising on more strategic investment opportunities and providing additional value to our shareholders”.
