Despite the challenges in the power sector within the last one year caused by incessant grid collapses, Transcorp Power Plc has recorded a 165 per cent increase in Profit After Tax from N30.2bn in the 2023 financial period to N80.01bn in 2024.
The Chairman of the Company, Mr Emeka Nnorom, revealed the figure during the company’s 12th Annual General Meeting, which was held on Tuesday in Abuja.
According to him, operating profit for the year under review was N114.03bn compared to N64.63bn in 2023, while Profit Before Tax rose from N528bn in 2023 to N113.3bn in 2024.
Nnorom said the company recorded high growth during the period, adding that this has been instrumental in the high dividend payout to shareholders.
In line with the company’s corporate commitment, the Chairman said that the board of directors recommended a full dividend of N5 per share to shareholders.
This comprises an interim dividend of N1.50k per share paid in July 2024 and a final dividend of N3.50k per share.
The dividend brings the total amount paid to shareholders for the 2024 period to N37.5bn.
Nnorom said, “In the midst of the macroeconomic challenges in 2024, we achieved an impressive growth in revenue of 115 per cent, rising from N142.1bn in 2023 to N305.9bb in 2024.
“Operating profit for the year under review is N114.03bn compared to N64.63bn in 2023.
“Profit Before Tax increased from N528bn in 2023 to N113.3bn in 2024. Profit After Tax rose by 165 per cent from N30.2bn in 2023 to N80.01bn in 2024.
“This financial performance reflects our unwavering commitment to our shareholders and stakeholders.
“We remain steadfast in our pursuit of value creation and assure our investors of continued robust returns.
“I am proud of how our organisation faced and responded to a particularly challenging market and macroeconome environment and our future remains very bright.”
He also told the shareholders that in the year, the company fully paid down its foreign exchange acquisition loan from $215m in 2014.
Following the complete repayment of its dollar loan, he said the company’s gearing ratio reduced significantly from 64.48 per cent in 2023 to 29.70 per cent in 2024, indicating improved financial stability.
“In the year, in line with our strategic purpose of providing much needed power to Nigeria, we successfully recovered an additional 125MW capacity to our current generating capacity.
“This has further boosted our ability to generate more power in 2025 and create greater value for stakeholders. We continued to maintain a highly motivated work force by prioritizing the employee-related matters including competitive total remuneration packages, a safe and conducive work environment, robust performance evaluation system, trainings, and numerous employee development activities.”
In his speech at the AGM, the Managing Director/Chief Executive Officer, Mr Peter Ikenga, said going forward into the year, the Company will achieve its goals through focus on key behavioural and cultural imperatives that will help it unleash value for all stakeholders.
He said, “We will maintain keen financial and risk mitigation practices and a resolute focus on building and maintaining superior relationships with all our stakeholders.
“Our key imperative is to deliver higher and sustained value to our shareholders and stakeholders, thus strengthening their trust in us.
“The management and members of staff of Transcorp Power Plc are dedicated to breaking new grounds, seizing new opportunities, and transforming our collective future.
“Together, with the continued commitment and support of our board, management, and staff of Transcorp Power Plc, we will set new benchmarks for sustainable and reliable power generation in Nigeria.”
He assured shareholders that the company will break new barriers in 2025.