- Record Growth: Transcorp Power announces a 115% revenue increase.
- Massive Profits: Operating profit after tax hits N80.01 billion.
- Debt Freedom: The company has fully paid off its $215 million foreign exchange loan.
- Stock Market Success: Market cap has soared to N2.70 trillion.
- Increased Capacity: An extra 125 megawatts added to generating capacity.
Transcorp Power Announces Massive Revenue Growth
Abuja, Nigeria – Hold on to your hats, folks! Transcorp Power Plc just dropped a bombshell at their Annual General Meeting (AGM) in Abuja. They’re reporting a whopping 115% increase in revenue for 2024, clocking in at a staggering N305.9 billion! And the good news doesn’t stop there – their operating profit after tax is a cool N80.01 billion.
Mr. Emmanuel Nnorom, the Chairman of the Board of Directors, couldn’t hide his excitement. He stated that these figures show a big improvement from the previous year when the company generated N141 billion in revenue and N30.2 billion in profit after tax.
What’s Driving This Success?
So, what’s the secret sauce? Nnorom says it’s all down to the company’s dedication to its shareholders. “We remain steadfast in our pursuit of value creation and assure our investors of continued robust returns,” he declared. He also praised the company’s resilience in the face of a challenging market and macroeconomic environment.
Debt-Free and Soaring High
Here’s another reason to celebrate: Transcorp Power has completely paid off its foreign exchange acquisition loan of $215 million, which they took out in 2014. This move has significantly reduced the company’s gearing ratio, from 64.48% in 2023 to a much healthier 29.70% in 2024. That spells financial stability, folks!
And if that wasn’t enough, Transcorp Power also got listed on the main board of the Nigerian Stock Exchange in 2024, with a market cap of N1.08 trillion. Fast forward to December 31, 2024, and that figure has exploded to N2.70 trillion!
Powering Up Nigeria
Transcorp Power isn’t just making money; they’re also boosting Nigeria’s power supply. They’ve added an extra 125 megawatts to their generating capacity, bringing the total up from 500 megawatts to 625 megawatts. That means more power for homes and businesses across the country!
Dividends for Days
Shareholders, get ready to smile! The board of directors has recommended a final dividend of five Naira per share, which includes an interim dividend of N1.50 already paid out in July 2024. Cha-ching!
Reliable Power Supply
Mr. Peter Ikenga, the Managing Director of Transcorp Power Plc, proudly announced that 2024 was a year of “record revenue generation” for the sixth year in a row. He emphasized the company’s resilience and its commitment to securing gas supply from multiple sources, ensuring a reliable power supply to the national grid.
According to Ikenga, the plant is providing reliable services to the national grid, which helps in grid stabilization and significant reduction in downtime during grid disturbances. This is crucial for maintaining a stable power supply across Nigeria.
Transcorp Power: A Key Player in Nigeria’s Economy
Transcorp Power Plc, a subsidiary of Transnational Corporation Plc, is proving to be a major force in Nigeria’s power sector. With its impressive financial performance and commitment to increasing power generation, the company is playing a vital role in driving economic growth and development.
Stay tuned for more updates on Transcorp Power and other key players in Nigeria’s business landscape!