Transcorp Power reports 165% PAT growth for 2024, declares N3.50 final dividend

Transcorp Power Plc hit significant milestones in financial performance for the fiscal year 2024, signalling further robust growth in revenue and profitability.

In the Company’s latest audited results, submitted to the Nigerian Exchange Limited (NGX), Transcorp Power reported a 115 per cent increase in revenue and 165per cent growth in Profit After Tax (PAT), demonstrating strong operational leadership and strategic execution.

Transcorp Group power business revenue increased by 115per cent, from N142.1 billion in 2023 to N305.9 billion in 2024.

Gross profit grew by 89per cent from N75.4 billion in 2023 to N142.2 billion in 2024. In the period under review, profit after tax surged by 165per cent from N30.2 billion in 2023 to N80 billion in 2024.

Following the complete repayment of its USD loan, the Company’s gearing ratio reduced significantly from 64.48per cent in 2023 to 29.70per cent in 2024, indicating improved financial stability.

Demonstrating its commitment to shareholder value, the Board of Directors has proposed a final dividend of N3.50k per ordinary share, which when combined with the Interim Dividend of N1.50k paid at half-year, brings the Total Dividend for the 2024 financial year to N5.00k per ordinary share. This dividend payout highlights the Company’s strong financial position and reaffirms its dedication to rewarding shareholders for their continued support and investment.

Commenting on the results, Chairman, Transcorp Power, Emmanuel Nnorom, emphasised the Company’s focus on stakeholder value: “Transcorp Power has become one of Nigeria’s most formidable power operators, committed to bridging the energy gap in the country and contributing to the nation’s economic growth. This financial performance reflects our unwavering commitment to our shareholders and stakeholders.

“We remain steadfast in our pursuit of value creation and assure our investors of continued robust returns. I am proud of how our organisation faced and responded to a particularly challenging market and macroeconomic environment and our future is bright.”

 Speaking on the performance, the Chief Executive Officer, Transcorp Power, Peter Ikenga, attributed the results to the Company’s strategic investments and a deliberate focus on enhancing operational efficiencies.

He said: “Transcorp Power is dedicated to financial discipline and delivering unparalleled value to our stakeholders. Since our public listing, we have maintained consistent growth across all financial metrics, aligning with our mission to deliver value. We are confident in our ability to sustain this trajectory of success.”