Speaking yesterday in Abuja at the company’s 2024 yearly general meeting, the Managing Director and Chief Executive Officer of Transcorp Power, Peter Ikenga, said revenue increased by 115 per cent from N142.1 billion in 2023 to N305.9 billion last year.
According to him, gross profit also grew by 89 per cent, from N75.4 billion to N142.2 billion in 2024.
He explained that the increase in profit is largely due to an increase in tariff, operational efficiency and cost optimisation.
“Following the complete repayment of its USD loan, the company’s gearing ratio reduced significantly from 64.48 per cent in Fiscal Year (FY) 2023 to 29.70 per cent in FY 2024, indicating improved financial stability.
“Return on assets increased from 13.53 per cent in FY 2023 to 20.17 per cent in FY 2024, while return on equity grew from 52.25 per cent in FY 2023 to 63.19 per cent in FY 2024, demonstrating efficient income generation from equity,” he said.
Ikenga disclosed that the company has remained focused on its strategic priorities and has been always guided by its core purpose.
The company stated through effective engagement with key stakeholders, a second interbus transformer of 150MVA capacity would soon be commissioned in TCN’s switch yard in its plant which will help in improving the reliability of its plant and providing more flexibility in evacuating its generation.
The company hinted that it has increased its available capacity from 500 megawatts to 625 megawatts within one year.
“We started the year with an available capacity of 500 megawatts (MW) and were delighted that at the end of the year, we closed the year stronger with an available capacity of 625MW, positioning us for a higher level of operational performance and financial outcome. We remain secure concerning the availability of gas, having secured gas supply from multiple sources with redundant pipeline networks into our plant to further cement our gas supply security,” Ikenga said.
The company added that its plant continued to provide the most reliable black start services to the national grid thereby helping in grid stabilization, and significant reduction in downtime in times of grid disturbances.
He added: “Through effective engagement with key stakeholders, a second inter-bus transformer of 150MVA capacity would soon be commissioned in TCN’s switchyard in our plant, thus improving the reliability of our plant and providing more flexibility in evacuating our generation.”
Transcorp Power announced it has achieved significant milestones in its partnership with Société Béninoise de Production d’Electricité (SBPE) of the Republic of Benin.
It added that it has increased the contracted energy capacity sold to SBPE, saying. “Cross-border electricity sales accounted for 18 per cent of revenue in 2024 helping cushion the negative effects of FX volatility in the country. Transcorp Power remains a member of the Executive Board of the West African Power Pool (WAPP) and helped lead the charge in shaping electricity integration across West Africa.”
