Follow Us on Google
•To boost electricity supply in 2025
From Adanna Nnamani, Abuja
Transcorp Power Plc has announced a remarkable 115% revenue growth in its 2024 financial performance, with revenue rising from N142.1 billion in 2023 to N305.9 billion in 2024.
This was disclosed at the company’s 12th Annual General Meeting (AGM), on Tuesday in Abuja, where Chairman of the Board, Emmanuel Nnorom, presented the Annual Report and Audited Financial Statements for the year 2024.
Nnorom said despite fluctuations in the country’s financial markets, which later experienced a bit of stability towards the end of 2024, Transcorp Power achieved impressive financial growth.
The company’s Operating profit rose to N114.03 billion, up from N60 billion in 2023. Profit before tax jumped from N62.8 billion to N113.3 billion, while Profit after tax increased by 165%, reaching N80.01 billion, compared to N30.2 billion in 2023.
Nnorom said Transcorp Power also successfully completed the repayment of its FX loan, reducing its gearing ratio from 45% in 2023 to 29.7% in 2024.
Additionally, the company listed on the Main Board of the Nigerian Exchange (NGX) in 2024, thereby growing its market capitalization by N270 billion as of December 2024.
He disclosed that as part of its mission to enhance power supply in Nigeria, Transcorp Power added 125MW to its generation capacity in 2024. This expansion, according to Nnorom, is expected to boost electricity supply and improve operational efficiency in 2025.
The company also prioritized employee development, offering competitive remuneration packages, a safe work environment, and continuous training programs.
The Chairman attributed the company’s success to strong operational efficiency, cost management, and strategic investments.
To reward shareholders, the Board of Directors declared a total dividend of N5 per share, comprising:
N1.50k interim dividend (paid in July 2024) and N3.50k final dividend which was approved by the AGM.
On the outlook for the year 2025, the Chairman said the company remains optimistic about sustaining its growth trajectory, leveraging a debt-free balance sheet, strong market position, and strategic investments.
“According to the World Bank, the economic growth rate is projected to increase 3.7% in 2025 due to higher oil production, improved security and stronger consumer demand. Inflation is anticipated to moderate, with the Central Bank of Nigeria (CBN) continuing its efforts to stabilize prices through prudent monetary policies.
“Nigeria’s financial markets are expected to remain robust, with continued growth in the stock market and increased investor confidence. Regulatory reforms and the introduction of new financial instruments will enhance market stability and attract foreign investment.
“The Nigerian government aims to enhance revenue generation through tax reforms and improved compliance.
Efforts to manage public debt will focus on reducing the fiscal deficit and ensuring debt sustainability. The introduction of new fiscal measures is expected to boost government revenue and support economic growth.
“The energy sector will continue to play a crucial role in Nigeria’s economic development. Investments in renewable energy projects, particularly solar and wind, are expected to increase. Additionally, efforts to improve gas supply and infrastructure will be prioritized to support industrial growth.
“Overall, Nigeria’s economic outlook for 2025 is positive. with a focus on diversifying the economic base, improving infrastructure, and enhancing the buses,environment. The government’s commitment to
structural reforms and investment in key sectors while crucial for sustaining growth and development,” he stated
.
