Transcorp Group’s electricity subsidiary of Transcorp Power Plc, has achieved 115 per cent increase in pre-tax profit. The company posted N305.9 billion in its full year 2024 revenue results.

The company plans to pay a full year dividend of N37.5 billion, demonstrating strong returns on investment for shareholders.

In the Company’s latest audited results, released during the week to the Nigerian Exchange (NGX), Transcorp Power also reported 165 per cent growth in Profit After Tax (PAT) to N80 billion. The figure is higher than N30.2 billion in the previous year.

The firm’s revenue growth stood at N142.1 billion recorded at the end of the 2023 while gross profit also rose significantly by 89 per cent from N75.4 billion in 2023 to N142.2 billion.

The performance demonstrates strong operational leadership and strategic execution.

The financial results showed that following the complete repayment of its dollar loan, the company’s gearing ratio reduced significantly from 64.48 per cent at the end of 2023 to 29.70 per cent in 2024, indicating improved financial stability.

Return on assets increased from 13.53 per cent in December 2023 to 20.17 per cent in December last year, while the company’s return on equity grew from 52.25 per cent in financial year 2023 to 63.19 per cent in financial 2024, 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.

The 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, Chairman, Transcorp Power, Emmanuel N. Nnorom, 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.”

Speaking on the performance, the 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.”

Transcorp Power Plc is an electricity generating subsidiary of Transnational Corporation Plc (Transcorp Group), a leading, listed African conglomerate. Transcorp Power is committed to improving electricity supply in Nigeria and together with Transafam Power Limited contribute over 20 per cent of Nigeria’s installed power capacity.

The company is creating value across Nigeria and driving economic growth, demonstrating its mission to improve lives and transform Africa, as part of Transcorp Group’s integrated energy strategy.

Credit: thenationonlineng.net

Transcorp Power posts 115% rise in revenue

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