Transcorp Power grew its profit after tax (PAT) by 165 per cent from N30.2 billion in the fiscal year 2023 to N80 billion last year 2024.

Speaking yesterday in Abuja at the company’s 2024 yearly general meeting, the Managing Director and Chief Executive Officer of Transcorp Power, Peter Ikenga, said revenue increased by 115 per cent from N142.1 billion in 2023 to N305.9 billion last year.

According to him, gross profit also grew by 89 per cent, from N75.4 billion to N142.2 billion in 2024.

He explained that the increase in profit is largely due to an increase in tariff, operational efficiency and cost optimisation.

“Following the complete repayment of its USD loan, the company’s gearing ratio reduced significantly from 64.48 per cent in Fiscal Year (FY) 2023 to 29.70 per cent in FY 2024, indicating improved financial stability.

https://guardian.ng/business-services/business/transcorp-power-grows-revenue-by-165/