Transcorp Power Plc, a subsidiary of Transnational Corporation Plc (Transcorp Group), has delivered outstanding financial results for the 2024 fiscal year, achieving significant milestones in revenue and profitability.
In its audited financial statement released to the Nigerian Exchange (NGX), the company reported a 115% increase in revenue, climbing from N142.1 billion in 2023 to N305.9 billion in 2024. Profit after tax (PAT) surged by an impressive 165% to N80 billion, up from N30.2 billion the previous year. Gross profit also grew by 89%, rising from N75.4 billion in 2023 to N142.2 billion in 2024.
Transcorp Power’s financial stability improved notably with the complete repayment of its USD loan, reducing its gearing ratio from 64.48% in 2023 to 29.70% in 2024. Additionally, return on assets (ROA) increased to 20.17% from 13.53%, while return on equity (ROE) jumped to 63.19% from 52.25%, reflecting efficient income generation from equity.
To reward shareholders, the Board of Directors proposed a final dividend of N3.50 per ordinary share. Combined with the interim dividend of N1.50 paid mid-year, the total dividend for 2024 amounts to N5.00 per share, translating to a payout of N37.5 billion.
Chairman Emmanuel N. Nnorom lauded the company’s achievements, emphasizing its pivotal role in Nigeria’s energy sector. “Transcorp Power has solidified its position as one of Nigeria’s foremost power operators, contributing significantly to bridging the nation’s energy gap and fostering economic growth,” he said.
CEO Peter Ikenga attributed the remarkable performance to strategic investments and operational efficiencies. “We are committed to delivering unparalleled value to our stakeholders while maintaining financial discipline. Our consistent growth underscores our mission to improve lives and transform Africa,” Ikenga remarked.
Transcorp Power Plc operates the 972 MW Ughelli Power Plant and the 966 MW Afam Power Plant, contributing over 20% of Nigeria’s installed power capacity. As part of Transcorp Group’s integrated energy strategy, the company continues to drive economic growth and improve electricity supply across the nation.
