Transcorp Power Plc reported an impressive revenue growth of 115% in 2024, reaching N305.9 billion with an operating profit after tax of N80.01 billion. The Chairman of the Board of Directors, Mr. Emmanuel Nnorom, shared this information during the company’s Annual General Meeting in Abuja.
Nnorom highlighted the significant improvement in financial performance compared to the previous year, showcasing the company’s dedication to its shareholders. He expressed pride in the organization’s ability to navigate a challenging economic environment and assured investors of continued strong returns.
The company successfully paid off a 215 million dollar foreign exchange acquisition loan from 2014, leading to a notable reduction in the gearing ratio from 64.48% in 2023 to 29.70% in 2024, indicating enhanced financial stability. Additionally, Transcorp Power Plc was listed on the main board of the Nigerian Stock Exchange in 2024, with a market cap soaring from N1.08 trillion to N2.70 trillion by the end of the year.
Furthermore, the company augmented its generating capacity by 125 megawatts, increasing it from 500 megawatts to 625 megawatts, reinforcing its ability to produce more power. The Managing Director, Mr. Peter Ikenga, hailed 2024 as a year of unparalleled revenue generation for the sixth consecutive year, emphasizing the company’s resilience in the face of economic uncertainties.
Ikenga highlighted the company’s secure gas supply from multiple sources and redundant pipeline networks, ensuring consistent operations. The plant’s reliability in providing services to the national grid has contributed to stabilizing the grid and reducing downtime during disturbances.
Transcorp Power Plc, a subsidiary of Transnational Corporation Plc, continues to make significant strides in the power sector, positioning itself as a key player in driving energy generation and distribution in Nigeria.