Despite the difficulties faced by the power sector, including frequent grid collapses, Transcorp Power Plc has achieved significant financial growth. The company reported a 165% increase in Profit After Tax, rising from N30.2 billion in 2023 to N80.01 billion in 2024. This was announced by the company’s Chairman, Mr. Emeka Nnorom, at their 12th Annual General Meeting in Abuja on Tuesday.

Nnorom highlighted the impressive increase in operating profit, which rose to N114.03 billion from N64.63 billion in 2023, while Profit Before Tax surged from N52.8 billion to N113.3 billion. Despite macroeconomic challenges, Transcorp Power also saw a 115% increase in revenue, which grew from N142.1 billion in 2023 to N305.9 billion in 2024.

The company’s success has been reflected in its dividend payout to shareholders. The board recommended a total dividend of N5 per share, which includes an interim dividend of N1.50 per share paid in July 2024, and a final dividend of N3.50 per share. This brings the total dividend paid to N37.5 billion for the 2024 financial period.

Nnorom also shared that the company fully paid off its $215 million foreign exchange acquisition loan, significantly improving its financial stability by reducing the gearing ratio from 64.48% in 2023 to 29.70% in 2024. Additionally, the company added 125MW to its generating capacity, improving its ability to provide more power and create greater value in 2025.

Transcorp Power’s CEO, Mr. Peter Ikenga, assured shareholders that the company will continue to focus on delivering value, strengthening relationships, and achieving new milestones in 2025, positioning itself for a brighter future.