Nigeria: Q3 2024 - Transcorp Power Reports 198 Percent Increase in Profit to N81.1bn

15 October 2024
This Day (Lagos)

Transcorp Power Plc, yesterday announced its financial results for the third quarter (Q3) of the year ending September 30, 2024, with profit before tax of N81.1 billion, about 198 per cent increase from N27.3 billion in the previous year.

The company also achieved a profit after tax of N58.5 billion in Q3 2024, about 186 per cent growth from N20.4 billion reported in Q3 2023.

In its Q3 2024 unaudited results filed with the Nigerian Exchange (NGX), Transcorp Power reported revenue of N223.6 billion, representing a significant 153per cent growth over N88.4 billion in Q3 2023.

In addition, Transcorp Power's net finance cost reduced to N538.3 million in Q3 2024, down by by 95 per cent from N10.4 billion in Q3 2023.

However, the company's total assets stood at N362.5 billion as of September 30, 2024, an increase of 62 per cent from N223.4 billion in 2023.

Also, hareholders' funds closed September 2024 at N105 billion, up by 82 per cent from N57.9 billion reported in 2023 full financial year.

Commenting on the results, MD/CEO, Transcorp Power, Peter Ikenga in a statement attributed the Q3 2024 performance it to a strategic vision, hard work, and relentless pursuit of operational excellence.

He said, "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 10per cent 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."

In response to 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".

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