Transcorp Power has announced a remarkable 165% increase in profit after tax (PAT) for the fiscal year 2024, rising from N30.2 billion in 2023 to N80 billion. This impressive growth is attributed to a combination of factors, including an increase in tariff, operational efficiency, and cost optimization.
Key Point: Transcorp Power's PAT grew by 165% to N80 billion in 2024, driven by increased revenue, operational efficiency, and cost optimization.
The company's revenue also experienced significant growth, increasing by 115% from N142.1 billion in 2023 to N305.9 billion in 2024. Gross profit grew by 89%, from N75.4 billion to N142.2 billion.
Transcorp Power's Managing Director and CEO, Peter Ikenga, highlighted the company's achievements, including the complete repayment of its USD loan, which significantly reduced its gearing ratio. The company also reported improved financial stability, with a return on assets increasing from 13.53% to 20.17% and return on equity growing from 52.25% to 63.19%.
The company has also made significant progress in its strategic priorities, including increasing its available capacity from 500 megawatts to 625 megawatts within one year. Transcorp Power has also strengthened its partnership with Société Béninoise de Production d'Electricité (SBPE) of the Republic of Benin, increasing the contracted energy capacity sold to SBPE
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