Transcorp Power Plc has declared a income development of 115 per cent in 2024, amounting to N305.9 billion and an working revenue after tax of N80.01 billion.
Emmanuel Nnorom, Chairman, Board of Directors, Transcorp Power Plc disclosed this on Tuesday in Abuja, on the firms’ Annual General Meeting, AGM.
Nnorom stated that the monetary efficiency was an enchancment of the earlier 12 months (2023), when the corporate generated N141 billion in income and a revenue after tax of N30.2 billion.
According to him, the monetary efficiency displays the corporate’s unwavering dedication to its shareholders.
“We stay steadfast in our pursuit of worth creation and guarantee our buyers of continued strong returns.
“I am proud of how our organisation faced and responded a particular challenging market and macroeconomic environment, and our future remains bright, ” he stated.
Nnorom stated that the corporate absolutely paid down its international alternate acquisition mortgage of 215 million {dollars} obtained in 2014.
He stated following the whole reimbursement of the greenback loans, the corporate’s gearing ratio decreased considerably from 64.48 per cent in 2023 to 29.70 per cent in 2024, indicating monetary stability.
“Furthermore, in 2024, the company was listed on the main board of the Nigerian Stock Exchange at a market cap of N1.08 trillion which has grown to N2.70 trillion as of Dec. 31 2024,” he stated.
He stated that the corporate additionally added a further 125 megawatts to its producing capability, shifting it from 500 megawatts to 625 megawatts, and additional boosting its capacity to generate extra energy.
The Managing Director of the corporate, Peter Ikenga, described 2024 as a 12 months of “record revenue generation” for the sixth consecutive 12 months.
Ikenga stated that Transcorp Power Plc remained resilient over the past 12 months regardless of ongoing financial uncertainty.
He stated that the corporate remained safe close to the provision of gasoline, having secured gasoline provide from a number of sources with redundant pipeline networks into its plant to additional its gasoline provide safety.
According to him, the plant continued to supply probably the most dependable companies to the nationwide grid, thereby serving to in grid stabilisation and important discount in down time throughout grid disturbances.
Transcorp Power Plc is a subsidiary of Transnational Corporation Plc.
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