Transcorp Power Plc (Transcorp Power), one of the power subsidiaries of the Transcorp Group, recorded a revenue of N135.4 billion in Half-Year (H1) 2024, representing a 142 per cent year-on-year (YoY) growth from the N55.9 billion posted in H1 2023.
The company, which was listed on the NGX in March, 2024, also posted a pre-tax profit of N51bn, representing a 214 per cent YoY growth from the N16.2 billion posted in H1 2023.
The organisation reported its H1 2024 unaudited results showing impressive YoY growth for the period ended June 30, 2024.
The company’s H1 2024 revenue grew from N55.9bn in H1 2023 to N135.4bn, showing a growth of 142 per cent YoY, while profit before tax grew by 214 per cent to N50.9bn.
While the company achieved a total revenue of N135.4bn in H1 2024, a growth of 142 per cent from N55.9bn in H1 2023, the net finance cost fell by 37 per cent to N1.3bn, a reduction from N2.1bn in H1 2023.
The profit before tax recorded a growth of 214 per cent, to N50.9bn, compared to N16.2bn in the previous year, while total assets grew by 45 per cent to N322.9bn as of June 30, 2024, up from N223.3bn at the beginning of the year.
Shareholders’ funds increased by 64 per cent to N94.6bn as of June 30, 2024, up from N57.8bn as of December 31, 2023.
Peter Ikenga, MD/CEO of Transcorp Power, said, “This positive performance across key indicators emphasises our agility and ability to navigate complex market dynamics effectively. We recognise the criticality of power to unlock the value in our dear country, Nigeria, and we remain committed towards our goal of bridging the energy gap in our country. We will continue to execute our maintenance program and make the necessary investments to increase our power generating capabilities.”
Emmanuel Nnorom, Chairman, Board of Directors, noted that the company’s impressive results in the first half of the year underscored its resilience and operational excellence while navigating the complex power landscape.
