Nigeria’s Transcorp Power revenue grew by 142% to hit N135.4bn in H1 2024

Nigeria’s Transcorp Power revenue grew by 142 percent to N135.4 billion in the first half of 2024 from 55.9 billion recorded in the same period last year.

This is according to the company’s H1 2024 unaudited results released to DAILY POST on Wednesday.

The report showed that Transcorp Power’s net finance cost Fell by 37 percent to N1.3 billion, a reduction from N2.1 billion in H1 2023.

Also, profit before Tax recorded a growth of 214 percent, to N50.9 billion, compared to N16.2 billion in the previous year.

It added that total Assets grew by 45 percent to N322.9 billion as of June 30th, 2024, up from N223.3 billion at the beginning of the year, driven by robust operational performance.

Similarly, shareholders’ funds increased by 64 percent to N94.6 billion as of June 30th, 2024, up from N57.8 billion as of 31 December 2023, boosted by retained earnings.

Commenting on the report, Peter Ikenga, Managing Director of Transcorp Power hailed the outstanding H1 2024 performance, attributing it to the company’s strategic vision and relentless pursuit of excellence.

“This positive performance across key indicators emphasizes our agility and ability to navigate complex market dynamics effectively”, he said.

Similarly, Emmanuel Nnorom, Chairman, Board of Directors noted that the Company’s impressive results in the first half of the year underscored its resilience and operational excellence while navigating the complex power landscape.