Transcorp Power Plc reported a 115% revenue increase in 2024, reaching N305.9 billion, with a profit after tax of N80.01 billion.
Chairman Emmanuel Nnorom announced the growth at the company’s Annual General Meeting in Abuja, highlighting an improvement from 2023’s N141 billion revenue and N30.2 billion profit. He reaffirmed the company’s commitment to shareholders and long-term value creation.
Nnorom also revealed that Transcorp Power had fully repaid its $215 million forex acquisition loan from 2014, reducing its gearing ratio from 64.48% in 2023 to 29.70% in 2024, strengthening its financial position.
Additionally, the company was listed on the Nigerian Stock Exchange with a market value of N1.08 trillion, which surged to N2.70 trillion by year-end. It also expanded its power generation capacity from 500MW to 625MW.
Managing Director Peter Ikenga described 2024 as a record-breaking year for revenue, marking six consecutive years of growth despite economic challenges. He noted the company’s stable gas supply and continued contribution to grid stability.
Transcorp Power Plc is a subsidiary of Transnational Corporation Plc.
Credit: NAN (Text Excluding Headline)
