By Joy Baba-Yesufu
Transcorp Power Plc, one of the power subsidiaries of Transcorp Group has announced its financial results for the third quarter (Q3) of the period ended September 30, 2024 (Q3 2024).
In its Q3 2024 unaudited results filed with Nigerian Exchange Limited (NGX), the company demonstrated remarkable growth across the business.
Transcorp Power reported revenue of N223.6 billion, representing a significant 153 percent growth year-on-year, over N88.4 billion in Q3 2023, highlighting operational efficiency, profit before tax (PBT) for the period surged by 198 percent, recording N81.1 billion, compared to N27.3 billion in September 2023.
Evans Okpogoro, Chief Financial Officer, Transcorp Power, expressed strong confidence in the company’s financial trajectory, saying: “We are proud to announce significant growth across all our metrics.
“ Our commitment to disciplined cost management and operational efficiency has not only enabled us to sustain robust margins but has also positioned us to outperform industry averages in key areas.
This achievement reflects our strategic focus and dedication to excellence, and positioning as a leader in Nigeria’s power sector”.
