Business
Transcorp Power Reports Impressive 153% Revenue Growth and 198% Surge in Profit
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.”
Former Kaduna Central Senator Shehu Sani has criticized the World Bank for worsening Nigeria’s economic difficulties. In a post shared on X, Sani accused the institution of projecting that Nigeria’s hardship would extend for another 15 years before the country could reach a better economic future. He questioned how many Nigerians would be left to enjoy that future, and how many African nations the World Bank has successfully helped to prosperity.
Sani’s remarks follow the World Bank’s latest *Africa’s Pulse* report, which forecasts that the Nigerian Naira will be among the worst-performing currencies in Sub-Saharan Africa by August 2024. The report placed the Naira’s decline alongside that of the Ethiopian Birr and South Sudanese Pound.
Heirs Insurance Group (HIG) recently announced impressive financial results for the 2023 fiscal year, marking significant growth across all key metrics. The Group’s Gross Written Premium (GWP) surged by 59.3%, from N19.9 billion in 2022 to N31.7 billion in 2023. This remarkable performance underscores HIG’s resilience and operational efficiency, further solidifying its position as one of Nigeria’s fastest-growing insurance firms.
Heirs General Insurance (HGI) saw a 77% increase in GWP, reaching N12 billion in 2023. HGI’s profit before tax (PBT) also rose by 203%, reflecting the company’s effective cost management. Similarly, Heirs Life Assurance (HLA) reported a 71% GWP increase and a staggering 395% rise in PBT. Both companies have demonstrated a strong commitment to customer satisfaction, disbursing billions in claims.
Beyond financial success, HIG actively engages in corporate social responsibility (CSR) projects, contributing over N100 million to education, community development, and financial literacy. With plans for future expansion and innovation, HIG is poised to remain a key player in Nigeria’s evolving insurance market.
Federal Capital Territory (FCT) Minister, Nyesom Wike, has called on Nigerians to fulfill their tax obligations, emphasizing that government revenue is essential for delivering social services. Wike made this appeal during the inaugural Abuja Business and Investment Summit, held in Abuja on Wednesday.
Speaking on the summit’s theme, “Optimising Investment Through Partnerships,” Wike stressed the importance of collaboration to generate investment opportunities. He dismissed the misconception that the government does not need revenue, explaining that taxes are crucial for funding public services.
Wike reiterated that both investors and the government must benefit from such partnerships, ensuring that both parties “go home smiling” through a fair exchange of services and taxes.
Van Vicker Celebrates 21st Wedding Anniversary: “I Have No Regrets”
Davido Declares ‘Timeless’ His Best Album
‘Adire’ Secures Four Nominations at the Best of Nollywood Awards
-
Business10 hours agoOkpella Monarch: Obaseki Ratified Kingmakers Decision, End 5years leadership Vacuum
-
News21 hours agoDemolition: Press Under Siege As Taraba Govt Issues Ban Memo
-
Banking6 hours agoFree Food Saga: Akpabio quoted out of context-CSO
-
Foreign10 hours agoSci-tech innovation fuels China’s high-quality development
-
Foreign10 hours agoSWChina’s Guizhou builds itself into computing power base serving whole country
-
Foreign4 hours agoQinling Mountains better safeguarded with comprehensive digital platform
-
Business3 hours agoShehu Sani Criticizes World Bank Over Nigeria’s Economic Outlook
-
Foreign4 hours agoExpressway service station in Shandong achieves carbon neutrality