Transcorp Power Plc, a subsidiary of Transcorp Group, has released its third-quarter financial results for the year ending September 30, 2024, showcasing remarkable growth.
According to the unaudited results filed with the Nigerian Exchange (NGX), the company reported a revenue of N223.6 billion, marking a significant 153% increase from N88.4 billion in Q3 2023. Profit before tax soared by 198%, reaching N81.1 billion compared to N27.3 billion the previous year.
Key highlights include:
– Revenue: N223.6 billion (up 153% year-on-year)
– Profit Before Tax: N81.1 billion (up 198%)
– Profit After Tax: N58.5 billion (up 186% from N20.4 billion)
– Total Assets: N362.5 billion (up 62% from N223.4 billion)
– Shareholders’ Funds: N105 billion (up 82%)
Net finance costs also saw a dramatic reduction of 95%, falling to N538.3 million from N10.4 billion in Q3 2023. The company reported an operating ratio of 36.3% for net profit margin, a 56% return on equity, and a 16% return on assets.
Evans Okpogoro, Chief Financial Officer of Transcorp Power, expressed pride in the company’s performance, emphasizing the importance of disciplined cost management and operational efficiency. He stated, “Our commitment has enabled us to sustain robust margins and position ourselves as leaders in Nigeria’s power sector.”
Peter Ikenga, Managing Director and CEO, attributed the company’s success to strategic vision and hard work, highlighting the ongoing challenges in distribution and transmission infrastructure. He noted that Transcorp Power contributes approximately 10% of the total power generated on the national grid.
Ikenga remains optimistic about future growth, stating, “As we transition to bilateral contracts under the Electricity Act, we are poised to capitalize on strategic investment opportunities and deliver more value to our shareholders.”
