Transcorp Power reports 115% revenue growth, N80bn profit in 2024
Managing Director/Chief Executive Officer of Transcorp Power Plc, Peter Ikenga
Transcorp Power Plc has declared a revenue growth of 115 per cent in 2024, amounting to N305.9 billion and an operating profit after tax of N80.01 billion.
The Chairman, Board of Directors, Transcorp Power Plc, Mr Emmanuel Nnorom, disclosed this on Tuesday in Abuja, at the companies’ Annual General Meeting.
Nnorom said that the financial performance was an improvement of the previous year (2023) when the company generated N141 billion in revenue and a profit after tax of N30.2 billion.
According to him, the financial performance reflects the company’s unwavering commitment to its shareholders.
“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 challenging market and macroeconomic environment, and our future remains bright, ” he said.
Nnorom said that the company fully paid down its foreign exchange acquisition loan of 215 million dollars obtained in 2014.
He said following the complete repayment of the dollar loans, the company’s gearing ratio reduced significantly from 64.48 per cent in 2023 to 29.70 per cent in 2024, indicating financial stability.
“Furthermore, in 2024, the company was listed on the main board of the Nigerian Stock Exchange at a market cap of N1.08 trillion, which has grown to N2.70 trillion as of Dec. 31 2024,” he said.
He said that the company also added an additional 125 megawatts to its generating capacity, moving it from 500 megawatts to 625 megawatts and further boosting its ability to generate more power.
The Managing Director of the company, Mr Peter Ikenga, described 2024 as a year of “record revenue generation” for the sixth consecutive year.
Ikenga said that Transcorp Power Plc remained resilient over the last year despite ongoing economic uncertainty.
He said that the company remained secure with regards to the availability of gas, having secured gas supply from multiple sources with redundant pipeline networks into its plant to further its gas supply security.
According to him, the plant continued to provide the most reliable services to the national grid, thereby helping in grid stabilisation and significant reduction in downtime during grid disturbances.
Transcorp Power Plc is a subsidiary of Transnational Corporation Plc.
NAN
