Transcorp power’s revenue hits N223.6bn in Q3 2024

Transcorp Power Plc reported a revenue of N223.6 billion in its Q3 2024 unaudited financial results filed with the Nigerian Exchange (NGX), marking a substantial 153% increase from the N88.4 billion recorded in Q3 2023. This growth underscores the company’s operational efficiency, with profit before tax soaring by 198% to N81.1 billion, compared to N27.3 billion in September 2023.

The company’s financial performance also saw a significant reduction in net finance costs, which dropped by 95% to N538.3 million from N10.4 billion in Q3 2023. Additionally, profit after tax surged by 186%, reaching N58.5 billion, up from N20.4 billion in the same period last year.

Total assets rose by 62% to N362.5 billion as of September 30, 2024, compared to N223.4 billion at the end of FY 2023, while shareholders’ funds increased by 82% to N105 billion, up from N57.9 billion in FY 2023.

Commenting on the results, Transcorp Power’s Chief Financial Officer, Evans Okpogoro, expressed confidence in the company’s financial progress, attributing the growth to disciplined cost management and operational efficiency. “This achievement reflects our strategic focus and dedication to excellence, positioning us as a leader in Nigeria’s power sector,” he stated.

The company’s Managing Director/CEO, Peter Ikenga, credited the positive results to strategic planning, hard work, and the relentless pursuit of operational excellence.