Q3 2024- Transcorp Power Reports 198% Increase in Profit to N81.1bn

Kayode Tokede 
Transcorp Power Plc, yesterdayannounced its financial results for the third quarter(Q3)of the year ending September 30, 2024,with profit before tax of N81.1 billion, about 198 per cent increase from N27.3 billion in the previous year.
The company also achieved a profit after tax of N58.5 billion in Q3 2024, about 186 per cent growth from N20.4 billion reported in Q3 2023.
In its Q3 2024 unaudited results filed with the Nigerian Exchange (NGX), Transcorp Power reported revenue of N223.6 billion, representing a significant 153per centgrowthover N88.4 billion in Q3 2023.
In addition,Transcorp Power’snet finance costreduced to N538.3 millionin Q3 2024, downbyby 95per centfrom N10.4 billion in Q3 2023.
However, the company’stotal assetsstood at N362.5 billion as ofSeptember 30, 2024, an increase of 62 per cent fromN223.4 billion in 2023.
Also,hareholders’funds closed September 2024 atN105 billion, upby 82per centfrom N57.9 billionreported in2023full financial year.
Commenting on the results, MD/CEO, Transcorp Power, Peter Ikengain a statementattributed the Q3 2024 performanceit to a strategic vision, hard work, and relentless pursuit of operational excellence.
He said,“Despite the distribution and transmission infrastructural challenges faced in the Power Sector, Transcorp Power has once again demonstrated exceptional financial growth, as reflected in our impressive results.
“We continue to strive to bridge the energy gap in Nigeria, in line with our purpose to improve lives. I am proud to report that we have sustained our remarkable growth trajectory and maintained our position as a leading contributor to the country’s power sector, accounting for approximately 10per centof total power generated on the national grid.
“As the market transitions into the bilateral contracts, as contained in the Electricity Act, we are optimistic about sustaining the momentum by capitalizing on more strategic investment opportunities and providing additional value to our shareholders.”
In response to the results, the Chief Financial Officer, Transcorp Power, Evans Okpogoro, expressed strong confidence in the company’s financial trajectory, stating:
“We are proud to announce significant growth across all our metrics. Our commitment to disciplined cost management and operational efficiency has not only enabled us to sustain robust margins but has also positioned us to outperform industry averages in key areas.
“This achievement reflects our strategic focus and dedication to excellence, and positioning as a leader in Nigeria’s power sector”.