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% increase from N88.4 billion in Q3 2023.
The company’s operational efficiency is evident as profit before tax soared by 198%, reaching N81.1 billion compared to N27.3 billion in September 2023.
Key Financial Highlights:
- Revenue Growth: N223.6 billion in Q3 2024, a 153% rise from N88.4 billion in Q3 2023.
- Net Finance Cost: Reduced by 95% to N538.3 million, down from N10.4 billion in Q3 2023.
- Profit Before Tax: Increased by 198% to N81.1 billion, compared to N27.3 billion the previous year.
- Profit After Tax: Rose by 186% to N58.5 billion from N20.4 billion in Q3 2023.
- Total Assets: Grew by 62% to N362.5 billion as of September 30, 2024, from N223.4 billion in FY 2023.
- Shareholders’ Funds: Increased by 82% to N105 billion as of September 30, 2024, up from N57.9 billion in FY 2023.
- Operating Ratios: 36.3% net profit margin, 56% return on equity, and 16% return on assets.
In a statement regarding the results, Evans Okpogoro, the Chief Financial Officer of Transcorp Power, 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, Peter Ikenga, MD/CEO, Transcorp Power Plc, 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% 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 capitalizing 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% 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.