Financial Energy Review
Transcorp Power Plc has announced a significant 165% year-on-year increase in profit, reaching N30.2 billion for the 2024 financial year. The company, in a regulatory filing released Thursday, revealed a 115% growth in revenue, which soared to N305.9 billion, up from N142.1 billion in the previous year.
In a statement, Transcorp Power attributed its stellar performance to strong operational leadership and strategic execution. The company also proposed a final dividend of N3.50 per ordinary share, bringing the total dividend for 2024 to N5.00 per share, following an interim dividend of N1.50 paid earlier in the year.
“The robust growth we’ve achieved is a testament to the resilience of our business model and the support of our investors,” said Emmanuel N. Nnorom, Chairman of Transcorp Power. “Our performance reflects our unwavering commitment to creating value for our stakeholders while contributing to the economic development of Nigeria, particularly in bridging the country’s energy gap.”
Nnorom further highlighted the challenges faced in a volatile market and macroeconomic environment, adding, “We are proud of how our organisation has adapted and responded to these challenges. The future is bright for Transcorp Power.”
Peter Ikenga, the company’s Chief Executive Officer, emphasized that Transcorp Power’s financial success was driven by strategic investments and a focus on improving operational efficiencies. “We are dedicated to financial discipline and delivering consistent value to our stakeholders,” said Ikenga. “Our track record of sustained growth across all financial metrics positions us to continue delivering robust returns in the future.”
Transcorp Power’s remarkable performance for FY 2024 reaffirms its position as one of Nigeria’s leading power operators, with plans to further strengthen its impact in the energy sector.
