Transcorp Power grows profit by 80.2%

The owners of the Ughelli Power Plant in Delta State, Transcorp Power Plc has grown its operating profits by 80.2 percent to N64.62 billion at the end of the 2023.

This is a massive development from the N35.86 billion recorded in 2022.

Transcorp revealed that its profit before tax grew by 84.4 percent to 52.76 billion in 2023 from N28.62 billion recorded in 2022.

The company added that its profit after tax grew 74.9 percent to N30.23 billion in 2023 from N17.28 billion in 2022.

The Managing Director/CEO, Transcorp Power, Mr. Peter Ikenga who made this known during a conference call presentation to analysts and investors, stated that Transcorp expects its power generation capacity to hit 740MW by the end of 2024.

The generation capacity was 550MW at the end of last year.

The company’s revenue grew by 57.3 percent to N142.12 billion in 2023 from N90.35 billion in 2022 while assets grew by 32.8 percent in 2023 from N168.18 billion in 2022. Liabilities increased by 27.1 percent to N165.52 billion in 2023 from N130.22 billion in 2022.

With a shareholder’s fund of N57.86 billion, the company declared earnings per share of N92.25

BEB