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Transcorp Power Plc says it has increased power generation from 500 megawatts to 650 megawatts as part of its drive to improve Nigeria’s power sector.
This was disclosed at the company’s 12th Annual General Meeting (AGM), on Tuesday in Abuja, where the Chairman of the board, Emmanuel Nnorom, presented the Annual Report and Audited Financial Statements for the year 2024.
Nnorom said despite fluctuations in the country’s financial markets, which later experienced a bit of stability towards the end of 2024, Transcorp Power achieved impressive financial growth.
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“The company’s operating profit rose to N114.03 billion, up from N60 billion in 2023. Profit before tax jumped from N62.8 billion to N113.3 billion, while Profit after tax increased by 165%, reaching N80.01 billion, compared to N30.2 billion in 2023.
“Also, we have fully repaid our loans of 300m dollars which we borrowed in 2012, and paid all including interest
“To reward shareholders, the board of directors declared a total dividend of N5 per share, comprising: N1.50k interim dividend (paid in July 2024) and N3.50k final dividend which was approved by the AGM,” the chairman stated.
On the outlook for the year 2025, the chairman said the company remains optimistic about sustaining its growth trajectory, leveraging a debt-free balance sheet, strong market position, and strategic investments.
“Nigeria’s financial markets are expected to remain robust, with continued growth in the stock market and increased investor confidence.
“Regulatory reforms and the introduction of new financial instruments will enhance market stability and attract foreign investment and Transcorp Power will continue boosting its generation capacity,” he added.
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