Transcorp Power Plc, one of the power subsidiaries of Transcorp Group, has announced its financial results for the third quarter of the year ending September 30, 2024, demonstrating remarkable growth across the business.

In its Q3 2024 unaudited results filed with the Nigerian Exchange (NGX), Transcorp Power reported revenue of N223.6 billion, representing a significant 153 per cent growth year-on-year, over N88.4 billion in Q3 2023.

Highlighting operational efficiency, profit before tax for the period surged by 198 per cent, recording N81.1 billion, compared to N27.3 billion in September 2023.

Revenue grew to N223.6 billion, a 153 per cent increase from N88.4 billion in Q3 2023 while net finance cost fell by 95 per cent to N538.3 million, down from N10.4 billion in Q3 2023.

The profit before tax rose by 198 per cent to N81.1 billion, compared to N27.3 billion in the previous year. Also, profit after tax saw 186 per cent increase, rising to N58.5 billion from N20.4 billion in Q3 2023.

The company’s total assets increased by 62 per cent to hit N362.5 billion as of September 30, from N223.4 billion in the full year of 2023. Commenting on the results, the Chief Financial Officer, Transcorp Power, Evans Okpogoro, expressed strong confidence in the company’s financial trajectory.

“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,” he said.

MD/CEO, Transcorp Power Plc, Peter Ikenga, attributed the performance to a strategic vision, hard work and relentless pursuit of operational excellence.

“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,” he said.