Transcorp Power Plc has revealed its ambition to boost its electricity generation share in Nigeria to 25 percent from the current 12 percent. At the Annual General Meeting held in Abuja, the company’s Chairman shared plans for growth in the power sector. Emphasizing a focus on enhancing gas supply and infrastructure to increase electricity output in support of industrial development.
Despite economic challenges, the company reported substantial revenue growth in 2024, with operating profit and profit before tax also showing significant increases. Additionally, the complete repayment of a foreign currency acquisition loan has strengthened the company’s financial position, reducing its gearing ratio considerably.
Listed on the Main Board of the Nigerian Exchange in March 2024, the company saw its market capitalization rise by the end of the year. Dividend payments were made to shareholders, with further dividends proposed for the future. In terms of power generation capacity, Transcorp Power increased its total available capacity in 2024 and is poised for further enhancements in 2025.
The company is adapting to the evolving Nigerian Electricity Supply Industry, positioning itself to capitalize on the shift towards a bilateral contract model. Through strategic partnerships and memberships, Transcorp Power is expanding its regional electricity market presence and remains optimistic about its growth trajectory for the coming year.
The Managing Director highlighted the company’s positive outlook for 2025, emphasizing strategic priorities such as capacity recovery, operational efficiency improvements, and sustainable practices. Shareholders were assured of the company’s long-term sustainability and profitability.