By NIyi Jacobs
Transcorp Power Plc, a leading electricity generating company in Nigeria, has announced its financial results for the third quarter of 2024, demonstrating remarkable growth across the business. The company’s revenue soared to N223.6 billion, representing a 153% growth year-on-year, while profit before tax surged by 198% to N81.1 billion.
This impressive performance can be attributed to the company’s commitment to operational excellence, disciplined cost management, and strategic investments. Transcorp Power Plc’s management team, led by CEO Peter Ikenga, has successfully navigated the challenges in the power sector, resulting in significant revenue and profit growth.
The company’s financial highlights for Q3 2024 include:
- Revenue growth of 153% to N223.6 billion
- Profit before tax increase of 198% to N81.1 billion
- Net finance cost reduction of 95% to N538.3 million
- Profit after tax increase of 186% to N58.5 billion
- Total assets increase of 62% to N362.5 billion
- Shareholders’ funds growth of 82% to N105 billion
Transcorp Power Plc’s remarkable performance in Q3 2024 demonstrates its position as a leader in Nigeria’s power sector. The company’s commitment to improving electricity supply and driving economic growth aligns with its mission to improve lives and transform Africa.
“We are proud to announce significant growth across all our metrics,” said Evans Okpogoro, Chief Financial Officer, Transcorp Power. “Our commitment to disciplined cost management and operational efficiency has enabled us to sustain robust margins and outperform industry averages.”
Peter Ikenga, MD/CEO, Transcorp Power Plc, attributed the performance to strategic vision, hard work, and relentless pursuit of operational excellence. “We continue to strive to bridge the energy gap in Nigeria, in line with our purpose to improve lives,” he said. “We are optimistic about sustaining this momentum and creating more value