Transcorp Power Plc, a key subsidiary of Transcorp Group, delivered an impressive financial performance in the third quarter of 2024, with profit before tax surging by 198% to N81.1 billion. This strong growth marks a significant improvement over the N27.3 billion recorded during the same period in 2023.
According to the company’s interim financial report for the nine months ending September 30, 2024, released on the Nigerian Exchange (NGX), revenue for the period soared by 153% to N223.6 billion, compared to N88.4 billion in Q3 2023. Profit after tax also saw a remarkable 186% increase, climbing to N58.5 billion from N20.4 billion.
Key Financial Metrics:
- Revenue: N223.6 billion (153% growth)
- Profit Before Tax: N81.1 billion (198% growth)
- Profit After Tax: N58.5 billion (186% growth)
- Total Assets: N362.5 billion (62% growth)
- Shareholders’ Funds: N105 billion (82% growth)
Transcorp Power’s total assets jumped by 62% to N362.5 billion as of September 2024, up from N223.4 billion at the close of 2023. Shareholders’ funds also saw an 82% increase, rising to N105 billion from N57.9 billion.
Operational Efficiency and Growth
Chief Financial Officer of Transcorp Power, Evans Okpogoro, highlighted the company’s focus on disciplined cost management and operational efficiency as key drivers of its outstanding performance. “Our commitment to these factors has allowed us to outperform industry averages and maintain robust margins,” he stated.
Managing Director Peter Ikenga attributed the results to the company’s strategic vision and dedication to bridging Nigeria’s energy gap. “Transcorp Power continues to lead in the country’s power sector, contributing approximately 10% of the total power generated on the national grid,” Ikenga said.
Looking forward, Ikenga expressed optimism about the future, especially with the transition to bilateral contracts under the new Electricity Act, positioning the company for more strategic investments and enhanced shareholder value.
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