Transcorp Power reports 115% pre-tax profit growth in 2024
- Declares N37.5bn dividend
Onome Amuge
Transcorp Power Plc, a leading power business within the Transcorp Group, achieved an exceptional financial performance in the fiscal year 2024, as evidenced by its recently submitted audited results to the Nigerian Exchange (NGX).
The financial statements released by Transcorp Power for the fiscal year 2024 highlighted a 115 per cent jump in revenue, from N142.1 billion in 2023 to N305.9 billion in 2024, further boosted by an 89 per cent surge in gross profit, reaching N142.2 billion.
Transcorp Power continued to demonstrate its profitability, as evidenced by a 165 per cent surge in Profit After Tax (PAT) from N30.2 billion in the previous fiscal year (FY) 2023 to N80 billion in FY 2024.
In addition, the company’s balance sheet boasted a reduction in its gearing ratio, from 64.48 per cent in FY 2023 to 29.70 per cent in FY 2024, after the complete repayment of its USD loan.
Further reflecting the impressive efficiency and profitability of the company, Transcorp Power reported a surge in Return on Assets (ROA) from 13.53 per cent in FY 2023 to 20.17 per cent in FY 2024.
The Return on Equity (ROE) experienced a similar upward trend, climbing from 52.25 per cent in FY 2023 to 63.19 per cent in FY 2024.
Continuing its commitment to delivering value for its shareholders, the Board of Directors of Transcorp Power Plc proposed a final dividend of N3.50k per ordinary share, which, when added to the interim dividend of N1.50k paid at the half-year mark, brings the total dividend for FY 2024 to N5.00k per ordinary share.
Commenting on the results, Emmanuel Nnorom, chairman, Transcorp Power, 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,” he stated.
Also speaking on the company’s financial performance, Peter Ikenga, the chief executive officer, Transcorp Power, attributed the results to the company’s strategic investments and a deliberate focus on enhancing operational efficiencies.
According to Ikenga, Transcorp Power is dedicated to financial discipline and delivering unparalleled value to its stakeholders.
He added, “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.”