Abuja: Transcorp Power Plc has declared a revenue growth of 115 per cent in 2024, amounting to N305.9 billion and an operating profit after tax of N80.01 billion. Mr Emmanuel Nnorom, Chairman, Board of Directors, Transcorp Power Plc, disclosed this during the company’s Annual General Meeting (AGM).
According to News Agency of Nigeria, Nnorom stated that the financial performance was an improvement from the previous year (2023), when the company generated N141 billion in revenue and a profit after tax of N30.2 billion. He emphasized that the financial performance reflects the company’s commitment to its shareholders, stating, “We remain steadfast in our pursuit of value creation and assure our investors of continued robust returns.”
Nnorom also announced that the company had fully paid down its foreign exchange acquisition loan of 215 million dollars obtained in 2014. With the repayment of the dollar loans, the company’s gearing ratio reduced significantly from 64.48 per cent in 2023 to 29.70 per cent in 2024, indicating financial stability. Furthermore, in 2024, the company was listed on the main board of the Nigerian Stock Exchange with a market cap of N1.08 trillion, which grew to N2.70 trillion by December 31, 2024.
Additionally, the company increased its generating capacity by 125 megawatts, moving from 500 megawatts to 625 megawatts, enhancing its ability to generate more power. The board recommended and paid an interim dividend of N1.50 per ordinary share in July 2024 and proposed a full dividend of five Naira per share for approval at the 12th AGM.
The Managing Director of the company, Mr Peter Ikenga, described 2024 as a year of “record revenue generation” for the sixth consecutive year. Ikenga noted that Transcorp Power Plc remained resilient despite ongoing economic uncertainty and highlighted the company’s secure gas supply from multiple sources and redundant pipeline networks, ensuring gas supply security.
He further mentioned that the plant continued to provide reliable services to the national grid, contributing to grid stabilization and a significant reduction in downtime during grid disturbances. Transcorp Power Plc is a subsidiary of Transnational Corporation Plc.