Business

April 17, 2024

Transcorp Power grows profit by 80.2%, targets 740MW generation

Transcorp

By Obas Esiedesa, Abuja

Transcorp Power Plc, owners of the Ughelli Power Plant in Delta State, has   grew its operating profits by 80.2 percent to N64.62 billion at the end of the 2023 financial year from N35.86 billion recorded in 2022.

The company, which also disclosed that its profit before tax grew by 84.4 percent to 52.76 billion in 2023 from N28.62 billion recorded in 2022, said 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 disclosed this during a conference call presentation to analysts and investors, said the company which had average daily generation of 347 Megawatts in 2023 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

A breakdown of the revenue sources showed that energy delivered earned the company N95.02 billion while capacity charge brought in N47.07 billion.

Ikenga explained the expected increase in capacity would come from the recovery of five gas turbines (GT 8, 9, 14, 18, and 19) with the company expected to spend $44 million as CAPEX in 2024.