By Hosea Parah, Abuja

Transcorp Power Plc, a key subsidiary of Transnational Corporation Plc (Transcorp Group), has announced exceptional financial results for the year ending 2024, reflecting impressive growth in both revenue and profitability.

In its audited results published on the Nigerian Exchange (NGX) on Thursday, Transcorp Power reported a 115% surge in revenue, rising from N142.1 billion in 2023 to N305.9 billion in 2024. The company also achieved a remarkable 89% growth in gross profit, which increased to N142.2 billion from N75.4 billion in the previous year.

The company’s Profit After Tax (PAT) saw an even more significant boost, climbing 165% to N80 billion from N30.2 billion in 2023, signaling a strong operational performance and effective strategy execution.

Financial stability was notably strengthened as well. Transcorp Power fully settled its USD-denominated loans, which led to a considerable reduction in its gearing ratio from 64.48% in 2023 to 29.70% in 2024. Additionally, Return on Assets (ROA) rose from 13.53% in 2023 to 20.17%, while Return on Equity (ROE) improved from 52.25% to 63.19%, highlighting efficient income generation from the company’s equity base.

As a result of this solid performance, Transcorp Power’s Board of Directors has proposed a final dividend of N3.50 per ordinary share. When combined with the N1.50 interim dividend paid earlier in the year, the total dividend payout for 2024 amounts to N5.00 per share, totaling N37.5 billion.

Emmanuel N. Nnorom, Chairman of Transcorp Power, praised the company’s resilience, stating, “Transcorp Power has become a leading force in Nigeria’s power sector, playing a pivotal role in bridging the nation’s energy gap. This financial achievement is a testament to our commitment to creating value for shareholders, even amid a challenging macroeconomic environment.”

CEO Peter Ikenga attributed the company’s success to strategic investments and a focus on boosting operational efficiencies. He noted, “Since our listing, we have consistently delivered strong growth across key financial metrics, and we remain confident in our ability to sustain this momentum moving forward.”

Transcorp Power, together with Transafam Power Limited, contributes more than 20% of Nigeria’s total installed power capacity. The company operates the 972 MW Ughelli Power Plant and the 966 MW Afam Power Plant as part of Transcorp Group’s broader energy strategy, furthering the company’s mission to enhance electricity supply in Nigeria and support economic development.

With this outstanding financial performance, Transcorp Power has reinforced its position as a major player in Nigeria’s energy sector, continuing to focus on improving the country’s electricity infrastructure and delivering sustained value to its stakeholders.