Transcorp Power PLC has set a new benchmark in its financial journey, with a stellar 165% rise in profit for the 2024 financial year.
The company reported a 115% increase in revenue, rising by ₦142.1 billion to ₦305.9 billion, and a 165% jump in profit after tax (PAT), reaching ₦80 billion from ₦30.2 billion in 2023.
Gross profit also saw an 89% rise, climbing from ₦75.4 billion to ₦142.2 billion. This growth is attributed to strong operational leadership and strategic investments.
Additionally, the company’s gearing ratio dropped significantly from 64.48% in 2023 to 29.70% in 2024, after fully repaying its USD loan, indicating improved financial stability.
In line with its strong performance, Transcorp Power announced a final dividend of ₦3.50 per share, bringing the total dividend for the year to ₦5.00 per share, including the interim dividend paid earlier.
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This reflects the company’s commitment to rewarding shareholders.
Furthermore, Chairman of Transcorp Power, Emmanuel Nnorom, highlighted the company’s role in bridging Nigeria’s energy gap and contributing to economic growth.
CEO Peter Ikenga credited the results to strategic investments and operational efficiencies, reinforcing the company’s focus on delivering value to stakeholders.
Transcorp Power is an electricity generation subsidiary of Transnational Corporation Plc (Transcorp Group), a leading African conglomerate, and remains committed to continued growth and financial success.
