Transcorp Power Plc has reported a significant financial performance for 2024, with a revenue growth of 115%, reaching N305.9 billion. The company also recorded an operating profit after tax of N80.01 billion. This marks a major improvement from the previous year, 2023, when it generated N141 billion in revenue and a profit after tax of N30.2 billion.
The Chairman of Transcorp Power, Mr. Emmanuel Nnorom, attributed the impressive results to the company’s dedication to value creation and robust returns for its investors. He highlighted the company’s ability to navigate a challenging market and macroeconomic environment, noting that the future remains bright.
In addition to the financial growth, Transcorp Power successfully repaid a 2014 foreign exchange acquisition loan of $215 million, which helped reduce its gearing ratio from 64.48% in 2023 to 29.70% in 2024, reflecting enhanced financial stability.
Transcorp Power also achieved a significant milestone by being listed on the Nigerian Stock Exchange’s main board at a market capitalization of N1.08 trillion, which grew to N2.70 trillion by the end of 2024. Moreover, the company added 125 megawatts to its generation capacity, increasing it from 500 megawatts to 625 megawatts.
The Managing Director, Mr. Peter Ikenga, described 2024 as a year of record revenue generation for the sixth consecutive year. He also emphasized the company’s resilience in the face of economic uncertainty, noting that it ensured the availability of gas for its operations through multiple secure sources and redundant pipeline networks, further enhancing its ability to stabilize the national grid.
Transcorp Power Plc is a subsidiary of Transnational Corporation Plc.
