Transcorp power declares 115% revenue growth, N80bn profit for 2024

Transcorp Power Plc has reported a revenue growth of 115 per cent for 2024, reaching N305.9 billion, with an operating profit after tax of N80.01 billion.

The Chairman of the Board of Directors, Mr. Emmanuel Nnorom, disclosed this during the company’s Annual General Meeting (AGM) held on Tuesday in Abuja.

Nnorom noted that the financial performance represented a significant improvement over the previous year (2023), when the company posted revenue of N141 billion and a profit after tax of N30.2 billion.

He attributed the strong results to the company’s unwavering commitment to delivering value to its shareholders, adding, “We remain steadfast in our pursuit of value creation and assure our investors of continued robust returns. I am proud of how our organisation has navigated a particularly challenging market and macroeconomic environment, and our future remains bright.”

Nnorom also highlighted that the company had fully repaid its foreign exchange acquisition loan of 215 million dollars, which had been obtained in 2014. 

He stated that the complete repayment of this loan had resulted in a significant reduction in the company’s gearing ratio, which fell from 64.48 per cent in 2023 to 29.70 per cent in 2024, reflecting improved financial stability.

Furthermore, he revealed that Transcorp Power was listed on the main board of the Nigerian Stock Exchange in 2024 with a market capitalisation of N1.08 trillion, which had grown to N2.70 trillion as of 31st December 2024.

Nnorom also noted that the company had added an additional 125 megawatts to its generating capacity, increasing total capacity from 500 megawatts to 625 megawatts, thereby strengthening its ability to generate more power.

In terms of dividends, he confirmed that the board had recommended and paid an interim dividend of N1.50 per ordinary share in July 2024. Additionally, the board has proposed a final dividend of N5.00 per share, comprising the interim dividend of N1.50 and N3.50 per share, subject to approval at the 12th AGM.

The Managing Director of Transcorp Power, Mr. Peter Ikenga, described 2024 as a year of “record revenue generation” for the sixth consecutive year. He acknowledged that the company had remained resilient despite ongoing economic uncertainties.

Ikenga further assured that the company’s gas supply was secure, having secured supplies from multiple sources, with redundant pipeline networks feeding into its plant to ensure continued reliability. 

He also noted that the plant had consistently provided reliable services to the national grid, contributing to grid stabilisation and a significant reduction in downtime during grid disturbances.

It is important to note that Transcorp Power Plc is a subsidiary of Transnational Corporation Plc.