Transcorp Power Plc has achieved remarkable financial milestones for the fiscal year 2024, showcasing its strong operational performance and strategic focus. The company’s audited results, submitted to the Nigerian Exchange Limited (NGX), reveal an impressive 115% increase in revenue and a 165% surge in profit after tax (PAT).
Transcorp Power Plc achieved remarkable financial growth in FY 2024, with revenue climbing by 115% to ₦305.9 billion from ₦142.1 billion in FY 2023. Gross profit saw an 89% increase, reaching ₦142.2 billion, while profit after tax (PAT) surged by 165%, growing to ₦80 billion from ₦30.2 billion in the previous year. The company’s financial stability improved significantly following the full repayment of its USD loan, reducing the gearing ratio from 64.48% to 29.70%. Additionally, return on assets rose to 20.17% from 13.53%, and return on equity grew to 63.19% from 52.25%, showcasing enhanced efficiency in generating income from equity investments.
The Board of Directors has proposed a final dividend of ₦3.50 per ordinary share. Combined with the interim dividend of ₦1.50 paid at mid-year, this brings the total dividend for 2024 to ₦5 per share. This payout underscores the company’s strong financial position and commitment to rewarding shareholders.
Emmanuel N. Nnorom, Chairman of Transcorp Power, highlighted the company’s role as a key player in Nigeria’s energy sector; “Transcorp Power has become one of Nigeria’s most formidable power operators, dedicated to bridging the energy gap and driving economic growth. This financial performance underscores our commitment to creating value for shareholders and stakeholders alike. Despite a challenging market environment, our future remains bright.”
Peter Ikenga, Chief Executive Officer, attributed the outstanding results to strategic investments and operational excellence; “Our focus on financial discipline and enhancing operational efficiencies has been critical to our consistent growth across all financial metrics. Transcorp Power remains dedicated to delivering value and sustaining this trajectory of success.”
The company’s exceptional performance reflects its ability to navigate a challenging macroeconomic landscape while maintaining its mission of value creation and energy sector transformation.
