Transcorp Power Plc has delivered an exceptional financial performance for the fiscal year 2024, marking a period of impressive growth and strategic achievement.
The company reported a remarkable 115 per cent increase in revenue, rising to ₦305.9 billion from ₦142.1 billion in 2023.
Let’s take a closer look at the key financial highlights:
To begin with, for the year ending December 31, 2024, Transcorp Power’s revenue soared from ₦142.1 billion in 2023 to ₦305.9 billion.
In addition, the company increased its gross profit by 89%, from ₦75.4 billion to ₦142.2 billion, while PAT surged from ₦30.2 billion to ₦80 billion.
Furthermore, Transcorp Power strengthened its financial stability by fully repaying its USD loan, which reduced its gearing ratio from 64.48% to 29.70%.
As a result of these achievements, the Board of Directors proposed a final dividend of ₦3.50 per ordinary share.
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When combined with the interim dividend of ₦1.50 per share, the total dividend payout for 2024 reaches ₦5 per share.
Meanwhile, the Chairman of Transcorp Power, Emmanuel N. Nnorom, highlighted the company’s commitment to closing Nigeria’s energy gap and contributing to economic growth.
He said: “This performance reflects our focus on creating value for our shareholders and stakeholders”.
Similarly, CEO Peter Ikenga credited the results to strategic investments and operational efficiency.
He stated: “We have maintained consistent growth since our public listing, and we are confident in continuing this success”.
Going forward, Transcorp Power remains determined to sustain its momentum and deliver ongoing value to investors.