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Transcorp Power Plc on Tuesday declared that it witnessed a surge in revenue 2024 from N142.1 billion in 2023 to N305.9 billion in 2024.
This represents a 115 per cent rise in revenue for financial year 2024.
Presenting the company’s 2024 Annual Financial Statements to shareholders at its 12th Annual General Meeting (AGM) in Abuja, Transcorp Power Chairman, Emmanuel Nnorom, noted that in spite of the turbulence in the economy, the company paid the sum of N37.5 billion to shareholders.
Nnorom said shareholders will receive a total dividend of N5 per share. This, he explained comprises an interim dividend of N1.50, it paid in July 2024 and the proposed final dividend of N3.50 , which is expected to be approved by shareholders.
According to the financial statement, operating profit climbed to N114.03 billion from N64.63 billion in 2023, just as profit saw a significant leap N113.3 billion in the year under review from N52.8 billion in the preceding year.
Profit after tax recorded a staggering 165 pwr cwnt increase, soaring from N30.2 billion to N80.01 billion.
“Despite a challenging macroeconomic environment, Transcorp Power has remained resilient and committed to delivering value to our shareholders.
“This outstanding financial performance reflects our unwavering commitment to value creation for our shareholders,” Nnorom said, highlighting the company’s strategic focus amid Nigeria’s volatile economic conditions,” Nnorom said.
Speaking on the company’s footprint in Nigeria’s power sector in 2024, the Transcorp Power Chairman disclosed that the payment of its $215 million foreign acquisition loan significantly stabilised its finances.
Also, 2024 saw Transcorp Power listed on the Main Board of the Nigerian Exchange (NGX), with an initial market capitalization of N1.8 trillion climbing to N2.7 trillion by year end.
To address persistent sectoral challenges such as gas supply constraints and grid instability, Transcorp Power invested in alternative fuel sources and grid infrastructure, ensuring consistent power generation.
Similarly, the company has already signed a Power Purchase Agreement (PPA) with Abuja Electricity Distribution Company and is in advanced discussions with other DisCos.
With a strong financial standing, strengthened financials, enhanced generating capacity, and a strategic focus on market opportunities, Nnorom explained that Transcorp Power is on the part of sustained growth in 2025.
The company also continued to prioritize employee welfare, maintaining competitive remuneration, robust training programs, and a safe work environment, while preserving strong ties with host communities.
“We are confident in our ability to navigate market challenges and continue delivering strong returns to our shareholders,” he added.
On his part, the Managing Director, Transcorp Power Plc, Ikenga said the company plans to add another 150MW to its generating capacity by the end of 2025, bringing the total to 775MW.
Transcorp Power started 2024 with ended 2024 with 500MW..
“This expansion directly translates to increased revenue, higher profitability, and stronger returns for our shareholders,” he added.
The Managing Director assured the shareholders that the company will continue to maintain its upward trajectory as it focuses on operational excellence and efficiency.
“We’ve experienced consistent growth over the last five to six years, with our revenue compounding annually at over 40%.
“Between 2023 and 2024 alone, we grew our revenue by 115% and saw a 165% increase in profit. Shareholders can expect this growth trend to continue”, Ikenga stated.
“We are not just focused on growing capacity; we are also enhancing operational efficiency and managing costs effectively. This strategy ensures that our revenue growth is matched by improved profitability,” he explained.
Ikenga reassured shareholders that the company remains committed to continuous reinvestment aimed at strengthening its market position.
“With the support of our board and the trust of our shareholders, we are entering an exciting phase. By year-end, shareholders can expect a bumper period of returns and sustained company growth,” Ikenga noted.
Ikenga praised the strong relationship the company enjoys with local communities, calling them “the most peaceful, cooperative, and supportive.”
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