Transcorp Power Plc has announced plans to significantly increase its share of electricity generation in Nigeria, aiming for a 25% market share.
Currently, the company generates 12% of the country’s electricity. This ambitious target was disclosed by the company’s Chairman, Mr. Emmanuel Nnorom, during the Annual General Meeting in Abuja.
_Key Highlights:
_1. Revenue Growth: Transcorp Power recorded a 115% revenue growth in 2024, rising from N142.1bn in 2023 to N305.9bn.
2. Profit Surge: The company’s profit after tax increased by 165%, growing from N30.2bn in 2023 to N80.01bn in 2024.
3. Loan Repayment: Transcorp Power has fully repaid its $215m foreign currency acquisition loan, secured in 2014.
4. Dividend Payout: The company has proposed a full dividend of N5 per share, comprising an interim dividend of N1.50k and a final dividend of N3.50k per share.
_Strategic Priorities for 2025:
_1. Capacity Recovery: Transcorp Power aims to recover plant capacity and improve operational efficiency.
2. Investments in Human Capital: The company will focus on developing its workforce and enhancing environmental, social, and governance practices.
3. Cost Optimisation: Transcorp Power will implement rigorous maintenance plans and invest in cost-saving initiatives.
According to the Managing Director and Chief Executive Officer, Mr. Peter Ikenga, the company remains on a strong growth trajectory and is poised for continued success in 2025.