Transcorp Power Plc has outlined an ambitious plan to increase its share of Nigeria’s electricity generation market to 25%, up from its current 12%.
Speaking at the company’s Annual General Meeting in Abuja, Chairman Emmanuel Nnorom disclosed that Transcorp is making significant investments in gas supply and infrastructure to enhance power generation capacity. The company has set a short-term goal of reaching 15% market share before expanding further.
Despite Nigeria’s persistent power challenges, Transcorp Power has reported remarkable financial growth. In 2024, the company’s revenue surged by 115%, rising from N142.1 billion in 2023 to N305.9 billion. Profit before tax also increased significantly, from N52.8 billion in 2023 to N113.3 billion in 2024, while profit after tax climbed to N80.01 billion, a 165% increase from the previous year.
A major highlight of Transcorp’s financial achievements was the full repayment of a $215 million acquisition loan secured in 2014. This repayment reduced the company’s debt burden, lowering its gearing ratio from 64.48% in 2023 to 29.70% in 2024.
Additionally, Transcorp Power successfully restored an extra 125MW of power generation capacity, raising its total available capacity from 500MW to 625MW. The company remains committed to expanding its contribution to Nigeria’s electricity supply, which remains a key driver of industrial and economic growth.
Transcorp Targets 25% Electricity Market Share
Transcorp Power Plc has outlined an ambitious plan to increase its share of Nigeria’s electricity generation market to 25%, up from its current 12%.
Speaking at the company’s Annual General Meeting in Abuja, Chairman Emmanuel Nnorom disclosed that Transcorp is making significant investments in gas supply and infrastructure to enhance power generation capacity. The company has set a short-term goal of reaching 15% market share before expanding further.
Despite Nigeria’s persistent power challenges, Transcorp Power has reported remarkable financial growth. In 2024, the company’s revenue surged by 115%, rising from N142.1 billion in 2023 to N305.9 billion. Profit before tax also increased significantly, from N52.8 billion in 2023 to N113.3 billion in 2024, while profit after tax climbed to N80.01 billion, a 165% increase from the previous year.
A major highlight of Transcorp’s financial achievements was the full repayment of a $215 million acquisition loan secured in 2014. This repayment reduced the company’s debt burden, lowering its gearing ratio from 64.48% in 2023 to 29.70% in 2024.
Additionally, Transcorp Power successfully restored an extra 125MW of power generation capacity, raising its total available capacity from 500MW to 625MW. The company remains committed to expanding its contribution to Nigeria’s electricity supply, which remains a key driver of industrial and economic growth.
