Transcorp Power Plc (NGX: TRANSPOWER) has posted a strong Q3 2024 financial performance, reporting a 198% increase in profits.
TRANSPOWER, one of the power subsidiaries of Transcorp Group announced its financial results for the third quarter of the period ended September 30, 20204 (Q3 2024) on Monday.
Also read; Aradel Holdings to list shares on NGX Main Board October 14
In the Q3 2024 unaudited results filed with Nigerian Exchange Limited (NGX), Transcorp Power reported revenue of N223.6 billion, representing a significant 153% growth year-on-year, over N88.4 billion in Q3 2023, Highlighting operational efficiency, profit before tax for the period surged by 198%, recording N81.1 billion, compared to N27.3 billion in September 2023.
Key Financial Highlights:
- Revenue Growth: Achieved N223.6 billion in Q3 2024, a 153% increase from N88.4 billion in Q3 2023.
- Net Finance Cost: Reduced by 95% to N538.3 million, down from N10.4 billion in Q3 2023.
- Profit Before Tax: Rose by 198% to N81.1 billion, compared to N27.3 billion in the previous year.
- Profit After Tax: Achieved a 186% increase, 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.
- Shareholders’ Funds: Grew by 82% to N105 billion as of September 30, 2024, up from N57.9 billion FY 2023.
- Operating Ratios: 36.3% net profit margin, 56% return on equity, and 16% return on assets
Commenting on 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”.
In response to the results, Peter Ikenga, MD/CEO, 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.
“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.”
About Transcorp Power Plc
Transcorp Power Plc (“the Company”) was incorporated in Nigeria on 24 September 2012 under the Companies and Allied Matters Act as amended as a private limited liability company and is domiciled in Nigeria. The Company is a subsidiary of Transnational Corporation of Plc.
The Company is mainly engaged in the generation and sale of electric power.
Nnamdi Maduakor is a Writer, Investor and Entrepreneur
