Transcorp Power’s annual profit jumps to N80bn

Transcorp Power Plc reported a 165 percent increase in its profit after tax for the 2024 financial year to N80 billion.

Its revenue rose to 115% to N305.9 billion compared last year, according to its latest annual results.

The company’s board of directors proposed a final dividend of N3.50 per ordinary share, bringing the total dividend for the year to N5.00 per ordinary share.

“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,” Emmanuel N. Nnorom, chairman of Transcorp Power, said.

“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.”

Peter Ikenga, its CEO, 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.”