Transcorp Power Posts 115% Pre-Tax Profit, To Pay Full Dividend of N37.5bn

Transcorp Power Plc, a Transcorp Group power business, hit significant milestones in its financial performance for the full year ended 2024, signalling further robust growth in revenue and profitability.

In the Company’s latest audited results, released to the Nigerian Exchange (NGX) on Thursday, Transcorp Power reported a 115% increase in revenue and 165% growth in Profit After Tax (PAT), demonstrating strong operational leadership and strategic execution.

Specifically, the company’s revenue growth increased by 115%, from N142.1 billion recorded at the end of the 2023 financial year to N305.9 billion in 2024. Gross profit also rose significantly by 89% from N75.4 billion in 2023 to N142.2 billion.

Its profit after tax surged by 165% to N80 billion in 2024, up from N30.2 billion recorded the previous year.

The financial results showed that following the complete repayment of its USD loan, the Company’s gearing ratio reduced significantly from 64.48% at the end of 2023 to 29.70% in 2024, indicating improved financial stability.

Return on assets increased from 13.53% in December 2023 to 20.17% in December 2024, while the company’s return on Equity grew from 52.25% in FY 2023 to 63.19% in FY 2024, demonstrating efficient income generation from equity.

Demonstrating its commitment to shareholder value, the Board of Directors has proposed a final dividend of N3.50k per ordinary share, which when combined with the Interim Dividend of N1.50k paid at half-year, brings the Total Dividend for the 2024 financial year to N5.00k per ordinary share. This dividend payout highlights the Company’s strong financial position and reaffirms its dedication to rewarding shareholders for their continued sup- port and investment.