Transcorp Power Grows Revenue to N305.9bn, Proposes N37.5bn Dividend

James Emejo in Abuja and  Kayode Tokede in Lagos

Transcorp Power Plc, yesterday announced a 115 per cent revenue growth from N142.1 billion in the 2023 to N305.9 billion in 2024.

The company’s Profit After Tax (PAT) also surged by 165 per cent to N80 billion in the review period, compared to N30.2 billion in the previous year, further demonstrating strong operational leadership and strategic execution.

The performance represented a significant milestones in its financial performance last year, signalling further robust growth in revenue and profitability.

This was contained in its latest audited results, released to the Nigerian Exchange (NGX) on Thursday.

Gross profit also rose significantly by 89 per cent to N142.2 billion from N75.4 billion in 2023.

The financial results further showed that following the complete repayment of its USD loan, the company’s gearing ratio reduced significantly from 64.48 per cent at the end of 2023 to 29.70 per cent in 2024, indicating improved financial stability.

Further demonstrating its commitment to shareholder value, the board has proposed a final dividend of N3.50 kobo per ordinary share, which when combined with the Interim dividend of N1.50k paid at half-year, brings the total dividend for the review year to N5.00k per ordinary share.

This dividend payout highlights the company’s strong financial position and reaffirming its dedication to rewarding shareholders for their continued support and investment.

Moreover, return on assets increased to 20.17 per cent in 2024 from 13.53 per cent in December 2023 while return on equity grew to 63.19 per cent in

from 52.25 per cent in 2023, demonstrating efficient income generation from equity.

Commenting on the results,  Chairman, Transcorp Power, Mr. Emmanuel Nnorom, emphasised the company’s focus on stakeholder value.

He said, “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.”

Chief Executive, Transcorp Power, Mr. 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.”

Transcorp Power, an electricity generating subsidiary of Transnational Corporation Plc (Transcorp Group), is a leading, listed African conglomerate.

The company has reaffirmed its commitment to improving electricity supply in Nigeria and together with Transafam Power Limited contributes over 20 per cent of the country’s installed power capacity.

It is creating value across Nigeria and driving economic growth, demonstrating its mission to improve lives and transform Africa, as part of Transcorp Group’s integrated energy strategy.

Transcorp Group companies operate the 972 MW gas-fired Ughelli Power Plant and the 966 MW gas-fired Afam Power Plant, with total joint installed capacity of approximately 2,000 MW.