Transcorp Power Grows Revenue by 142% at N135.4bn in H1 2024

Peter Uzoho

Transcorp Power Plc, one of the power subsidiaries of Transcorp Group has announced a financial performance in the First Half (H1) of 2024 with its revenue growing by 142 per cent at N135.4 billion in the period under review.

The power company disclosed this in a statement issued yesterday, saying the 2024 unaudited results showed an impressive year-on-year growth for the period ended June 30, 2024.

Transcorp Power said based on the positive performance, it had delighted its shareholders with an interim dividend of N1.50k per share.

“The company’s H1 2024 revenue grew from N55.9 billion in H1 2023 to N135.4 billion, showing a growth of 142 per cent year on year, while profit before tax grew by 214 per cent to N50.9 billion.

“ These results demonstrate the company’s resilience in the face of challenging macroeconomic conditions”, the company noted.

It said its Net Finance Cost fell by 37 per cent to N1.3 billion, a reduction from N2.1 billion in H1 2023.

On its Profit Before Tax, Transcorp Power stated that it recorded a growth of 214 per cent to N50.9 billion, compared to N16.2 billion in the previous year.

It revealed that its total assets grew by 45 per cent to N322.9 billion as of June 30, 2024, up from N223.3 billion at the beginning of the year, driven by robust operational performance.

The company said shareholders’ funds increased by 64 per cent to N94.6 billion as of June 30th, 2024, up from N57.8 billion as of 31st December 2023, boosted by retained earnings.

Commenting on the outstanding H1 2024 performance, Managing Director/Chief Executive Officer of Transcorp Power, Mr. Peter Ikenga,  attributed it to the company’s strategic vision and relentless pursuit of excellence.

“This positive performance across key indicators emphasizes our agility and ability to navigate complex market dynamics effectively. We recognize the criticality of power to unlocking the value in our dear country, Nigeria and we remain committed towards our goal of bridging the energy gap in our country.

“We will continue to execute our maintenance program and make the necessary investments to increase our power generating capabilities,” he said.

Chairman, Board of Directors of Transcorp Power, Mr. Emmanuel Nnorom, noted that the company’s impressive results in the first half of the year underscored its resilience and operational excellence while navigating the complex power landscape.

He added: “The interim dividend of N1.50 is a testament to our commitment to create value and spread wealth to all our shareholders. The half year performance also further reinforces our consistent upward growth trajectory year on year and confidence that Transcorp Power will continue to deliver exceptional performance in the future.

“Our shareholders are assured of sustained high level of performance and superior returns for their investment in Transcorp Power.”

Transcorp Power, which was listed on the Nigerian Exchange (NGX) earlier this year, has continued to show impressive growth, attaining a market capitalisation of N2.8 trillion up from its listed market value of N1.8 trillion.

With a clear strategic direction and a strong foundation, Transcorp Power@ said it is a leading power generation company and paving the way for the future of energy in Nigeria and beyond.