Transcorp Power Plc, a Transcorp Group power business, has hit significant milestones in its financial performance for the full year ended 2024, signalling further growth in revenue and profitability.

In the company’s latest audited results, released to the Nigerian Exchange (NGX), yesterday, Transcorp Power reported a 115 per cent increase in revenue and 165 per cent growth in Profit After Tax (PAT), demonstrating strong operational leadership and strategic execution.

Specifically, the company’s revenue growth increased by 115 per cent, from N142.1 billion recorded at the end of the 2023 financial year to N305.9 billion in 2024. Gross profit also rose significantly by 89 per cent from N75.4 billion in 2023 to N142.2 billion.

Its profit after tax surged by 165 per cent to N80 billion in 2024, up from N30.2 billion recorded the previous year.

The financial results showed that following the complete repayment of its USD loan, the company’s gearing ratio reduced significantly from 64.48 per cent at the end of 2023 to 29.70 per cent in 2024, indicating improved financial stability.

Return on assets increased from 13.53 per cent in December 2023 to 20.17 per cent in December 2024, while the company’s 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.