Transcorp Power Announces 214% Jump in Profit After Tax in H1, 2024

Transcorp Power Plc, a leading power subsidiary of the Transcorp Group, has reported a 214% increase in profit before tax (PBT) from N16.2 billion recorded in the first half (H1) of 2023 to N50.9 billion in the first half of 2024.

The company also announced a 142% increase in revenue from N55.9 billion in H1 2023 to N135.4 billion.

Transcorp Power Other Key Highlights Include:

• Revenue Growth: Increased by 142% to N135.4 billion
• Net Finance Cost: Decreased by 37% to N1.3 billion.
• Total Assets: Expanded by 45% to N322.9 billion.
• Shareholders’ Funds: Grew by 64% to N94.6 billion, driven by retained earnings.

Strategic Vision and Resilience

Peter Ikenga, MD/CEO, Transcorp Power commented on the outstanding H1 2024 performance, attributing it to the company’s strategic vision and relentless pursuit of excellence.

He said “This positive performance across key indicators emphasizes our agility and ability to navigate complex market dynamics effectively. We recognize the criticality of power to unlocking the value in our dear country, Nigeria and we remain committed towards our goal of bridging the energy gap in our country. We will continue to execute our maintenance program and make the necessary investments to increase our power generating capabilities”.

Emmanuel Nnorom, Chairman of the Board, highlighted the interim dividend as a testament to their dedication to shareholder value.

He said, “The interim dividend of N1.50 is a testament to our commitment to create value and spread wealth to all our shareholders. The half year performance also further reinforces our consistent upward growth trajectory year on year and confidence that Transcorp Power will continue to deliver exceptional performance in the future. Our shareholders are assured of sustained high level of performance and superior returns for their investment in Transcorp Power.

Transcorp Power, which was listed on the Nigerian Exchange (NGX) earlier this year, has continued to show impressive growth, attaining a market capitalisation of N2.8 trillion up from its listed market value of N1.8 trillion.

With a clear strategic direction and a strong foundation, Transcorp Power is leading power generation company and paving the way for the future of energy in Nigeria and beyond. The company remains focused on its mission to provide dependable power solutions, driving economic progress and improving the quality of life for millions.”