By Abiola Olawale
Transcorp Power Plc, a prominent player in the energy sector, has unveiled its comprehensive financial report for the third quarter ending on September 30, 2024.
The report showcased a remarkable growth trajectory in the company’s operational performance, with a focus on increased capacity utilization, enhanced operational efficiency, and strategic investments in renewable energy initiatives.
The company, in its unaudited Q3 2024 results submitted to the Nigerian Exchange (NGX), Transcorp Power, disclosed revenue of N223.6 billion, marking a noteworthy 153% increase year-on-year from N88.4 billion in Q3 2023.
Additionally, the company demonstrated operational efficiency as its profit before tax for the period soared by 198% to reach N81.1 billion, compared to N27.3 billion in September 2023.
According to a press statement issued by the company and sent to the New Diplomat showed that Transcorp achieved N223.6 billion in Q3 2024, a 153% increase from N88.4 billion in Q3 2023.
The company’s net finance cost reduced by 95% to N538.3 million, down from N10.4 billion in Q3 2023.
Also, profit before tax rose by 198% to N81.1 billion, compared to N27.3 billion in the previous year.
Similarly, the profit after tax increased by 186%, rising to N58.5 billion from N20.4 billion in Q3 2023.
Total assets increased by 62% to N362.5 billion as of September 30, 2024, from N223.4 billion in FY 2023.
Commenting on the results, the Chief Financial Officer, of Transcorp Power, Evans Okpogoro, expressed strong confidence in the company’s financial trajectory.
He said: “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”.
In response to the results, Peter Ikenga, MD/CEO of Transcorp Power Plc, commented on the company’s performance this quarter, attributing it to a strategic vision, hard work, and relentless pursuit of operational excellence.
Ikenga stated: “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 10% 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.”
The New Diplomat reports that Transcorp Power Plc is one of the electricity-generating subsidiaries of Transnational Corporation Plc (Transcorp Group), a leading, listed African conglomerate.
