By Obas Esiedesa, Abuja 

Transcorp Power Plc, one of the power subsidiaries of Transcorp Group, has declared a 142 percent rise in its half year revenue from N55.9 billion recorded in H1 2023 to N135.4 in H1 2024.

The company in its unaudited Half-Year (H1) 2024 unaudited results showing impressive year-on-year also declared that profit before tax grew by 214% to N50.9 billion. 

Achieved an impressive total revenue of N135.4 billion in H1 2024, a growth of 142% from N55.9 billion in H1 2023.

The company said net financial cost fell by 37% to N1.3 billion, a reduction from N2.1 billion in H1 2023. It stated that profit before tax recorded a growth of 214%, to N50.9 billion, compared to N16.2 billion in the previous year.

Also total assets grew by 45% 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.

The company disclosed that shareholders funds increased by 64% to N94.6 billion as of June 30th, 2024, up from N57.8 billion as of 31st December 2023, boosted by retained earnings.

“These results demonstrate the company’s resilience in the face of challenging macroeconomic conditions”, the added in a statement made available to Vanguard. 

The Managing Director/CEO, Transcorp Power, Peter Ikenga described the H1 2024 performance as outstanding, 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. We recognize the criticality of power to unlocking the value in our dear country, Nigeria and we remain committed towards our goal of bridging the energy gap in our country. We will continue to execute our maintenance program and make the necessary investments to increase our power generating capabilities” he said. 

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

He added, “The interim dividend of N1.50 is a testament to our commitment to create value and spread wealth to all our shareholders. The half year performance also further reinforces our consistent upward growth trajectory year on year and confidence that Transcorp Power will continue to deliver exceptional performance in the future. Our shareholders are assured of sustained high level of performance and superior returns for their investment in Transcorp Power”.

Transcorp Power, which was listed on the Nigerian Exchange (NGX) earlier this year, has continued to show impressive growth, attaining a market capitalisation of N2.8 trillion up from its listed market value of N1.8 trillion.