Transcorp Power Plc reports 186% PAT growth in Q3 2024
By Seun Ibiyemi
Transcorp Power Plc, a subsidiary of Transcorp Group, has revealed its financial performance for the third quarter ending September 30, 2024, showcasing impressive growth.
In its unaudited Q3 2024 results submitted to the Nigerian Exchange (NGX), Transcorp Power reported a revenue of N223.6 billion, marking a remarkable 153 percent increase from N88.4 billion in Q3 2023.
The company’s operational efficiency is evident as profit before tax soared by 198 percent, reaching N81.1 billion compared to N27.3 billion in September 2023.
In Q3 2024, the company reported impressive revenue growth, achieving N223.6 billion—a remarkable 153 percent increase from N88.4 billion in Q3 2023. This growth was complemented by a significant reduction in net finance costs, which fell by 95 percent to N538.3 million, down from N10.4 billion in the previous year.
Profit before tax surged by 198 percent to N81.1 billion, compared to N27.3 billion in Q3 2023, while profit after tax rose by 186 percent to N58.5 billion, up from N20.4 billion. Total assets expanded by 62 percent, reaching N362.5 billion as of September 30, 2024, from N223.4 billion at the end of FY 2023.
Additionally, shareholders’ funds grew by 82 percent to N105 billion, compared to N57.9 billion the previous year. The company also demonstrated strong operating ratios, with a net profit margin of 36.3 percent, a return on equity of 56 percent, and a return on assets of 16 percent.
In a statement regarding the results, the Chief Financial Officer of Transcorp Power, Evans Okpogoro, expressed his insights.
Commenting on the results, the Chief Financial Officer, Transcorp Power, Evans Okpogoro, expressed strong confidence in the company’s financial trajectory, stating:
“We are proud to announce significant growth across all our metrics. Our commitment to disciplined cost management and operational efficiency has not only enabled us to sustain robust margins but has also positioned us to outperform industry averages in key areas.
“This achievement reflects our strategic focus and dedication to excellence, and positioning as a leader in Nigeria’s power sector.”
In response to the results, MD/CEO, Transcorp Power Plc, Peter Ikenga, commented on the company’s performance this quarter, attributing it to a strategic vision, hard work, and relentless pursuit of operational excellence.
“Despite the distribution and transmission infrastructural challenges faced in the Power Sector, Transcorp Power has once again demonstrated exceptional financial growth, as reflected in our impressive results.
“We continue to strive to bridge the energy gap in Nigeria, in line with our purpose to improve lives. I am proud to report that we have sustained our remarkable growth trajectory and maintained our position as a leading contributor to the country’s power sector, accounting for approximately 10 percent of total power generated on the national grid.
“As the market transitions into the bilateral contracts, as contained in the Electricity Act, we are optimistic about sustaining the momentum by capitalising on more strategic investment opportunities and providing additional value to our shareholders.”
Transcorp Power Plc is one of the electricity generating subsidiaries of Transnational Corporation Plc (Transcorp Group), a leading, listed African conglomerate.
Transcorp Power is committed to improving electricity supply in Nigeria and contributes over 20 percent of the country’s installed power capacity. The company is creating value across Nigeria and driving economic growth, demonstrating its mission to improve lives and transform Africa.
