Transcorp Power, a power subsidiary of Transcorp Group, a global conglomerate owned by Nigerian tycoon Tony Elumelu, announced a significant increase in profit for the first nine months of 2024, with earnings exceeding $35 million.
Transcorp Power’s unaudited financial accounts for Sept. 30, 2024 show a profit of N58.42 billion ($35.74 million), up from N20.44 billion ($12.5 million) in 2023. This enormous 184% increase indicates the company’s expanding market dominance and outstanding revenue performance.
Transcorp Power’s revenue increased by 152.8 percent, driven by a significant rise in contracts with both domestic and international customers. Revenue increased from N88.44 billion ($54.1 million) in 2023 to N223.56 billion ($136.8 million) at the end of September 2024.
Local revenue has more than doubled, from N77.19 billion ($47.22 million) to N184.35 billion ($112.8 million). International contracts also increased dramatically, rising from N11.25 billion ($6.9 million) to N39.2 billion ($23.98 million).
Transcorp Power also benefited from higher income from capacity charges, which increased to N74.15 billion ($45.4 million) from N31.93 billion ($19.54 million) the previous year. Revenue from energy delivered nearly tripled to N149.39 billion ($91.46 million), up from N56.49 billion ($34.56 million) in 2023.
Transcorp Power has an installed capacity of 2,000 MW, accounting for 15.5% of Nigeria’s total power generation capacity.
The company’s sector leadership originates from its significant acquisitions of the Ughelli Power Plant in 2013 and the Afam Power Plant in 2020, which strengthened its position in the country’s energy supply chain.
The company’s strong financial performance has also resulted in a 62% growth in its asset base, which has risen from N223.39 billion ($136.63 million) in December 2023 to N362.5 billion ($221.7 million) by the end of September 2024.
Shareholder funds increased by more than 80 percent, from N57.86 billion ($35.4 million) to N105.03 billion ($64.2 million), owing to retained earnings.
