By Lateef Adegbite
In spite of the frequent collapse of the Nigerian National Grid that had repeatedly d thrown the country into darkness, Transcorp Power plc, a subsidiary of Transcorp Group, under the Chairmanship of Tony Elumelu, a multi billionaire business mogul and philanthropist, had sustained its impressive Financial performance as it has remained a Company to beat n the nation’s power sector.
The Powwer Company which currently operates the Ugheli Power generating plant in Delta state, with an installed capacity of 972 MW and the Afam Power plant in Rivers state, and supplies electricity to the Economic Community of West African States, ECOWAS, Regional Market,appears to have continued to meet the demands of households and companies’ needs .
This had reflected in the strong financial performance of the Company over the years,that had put the power company ahead of its Competitors as people now describe it as Transcorp Power and others. As a prelude to remaining at the top in the country’s power sector, past and present Chief Executive Officer, CEO, CEO, of the company had made Nigerians to understand the robustness of its business, which remains prudent and nimble across its operation had continued to reflect on its finances over the years.
Many believe that Transcorp power plc, which has Emmanuel Nnorom on enhancing operational efficiency.m as the Chairman may have been positioned on the part of success as a result of the rigorous execution of the company’s strategies and deliberate focus. The Transcorp Power Company, according to informed sources had sustained its maintenance schedule to avoid system collapse.This may have informed why the Management has continued investing in human capital, which an insider had said is aimed at enhancing in-house capabilities.
Officials of Transcorp Poer plc, may have set the stage that energy sales in this 2024, fiscal year would be much better than the previous year, when it made a profit of N67.86 billion in the first quarter of 2024 o, despite what officials had described as’’ sectoral challenges such as gas supply issues and the down turn in the economy’’.
Going by the third quarter financial results which was said to have been submitted to the Nigerian Echange, NGX, for approval, the company which had witnessed year –on year growth, according to informed sources had made significant energy sales that had resulted in the generation of N223 billion, compared to the N88.4 billion in the third quarter of 2023 due to its operational efficiency.
There are indications that the company’s Profit Before Tax, PBT, also surged by 198%, hitting N81.1 billion, as against N27 billion recorded within the same period the previous year. The company’s net finance cost, was said to have reduced by 95% to N538 million down from N10.4 billion in the third uarter of 2023.
The Power company’ from N20.4 billion S Profit After Tax, PAT, was aid to have increased by 86%, rising to N59.5 billion from the N20.4 billion recorded within the same period in 2023. The shareholders’ Funds was said to have witnessed a phenomenal growth as it increased by 82%, as it rose to N105 billion as at September 0, 2024, from the N57.9 billion that was said to have been achieved in the previou year third quarter.
The Transcorp Power Board Chairman may have gladdened the heart of the over 00,000, shareholders of the company when disclosed that its total assets , had increased by 62 to N62.5 billion compared too the total value of the assets in the previous year total quarter reports which was N22. Billion.
Given the country’s struggling economy, occasioned by President Boa Ahmed Tinubu harsh economic policies such as removal of Premium Motor Spirit, PMS, popular, petrol and unification of the Authonomous foreign Exchange rates markets, AFEM, and the Parallel or Black market exchange rates, the power company’s operating ratios was said to have hit a net profit margin of 56% return on equity, and 16 % , return on assets.
Evans Okpogore, the company’s Chief Financial Officer, CFO, who knows the direction the company’s swinging to whether it will make huge profit or at at the end of this 24, could is optimistic that going by ‘’the growth trajectory of the company, commitment to disciplined cost management and operational efficiency’’ the will beat the previous year financial records. That
He was said to have told those that cares to listen that the company’s operational efficiency have not only enabled it to sustain the robust margins that had been achieved over the years but had positioned it to outperform industry averages I key areas.
Describing Trascorp Power plc, as a Leader in the country’s power sector the CFO, who could not hide his feelings had said that ‘’the company’s strategic focus and dedication to excellence has pushed it up the lader.’’
Peter Ikenga, the Company CEO, was said to have attributed the impressive performance of the Transcorp Power Company, in the third quarter of 2024, to a strategic vision, hard work and relentless pursuit of operational excellence’’.
He had said sad that despite the distribution and transmission infrastructural challenges that had been faced by the company over the years, it will continue to strive to fill the energy in its areas of operations ust as it moves to improve on its quarterly and yearly financial records.
He may have corroborated what the CFO, had said when he declared that the company which have sustained and maintained its position as a leading distributor to the country’s power sector , accounting for about 10% of the power generated on the national grid on a daily basis.
Ikenga, the Transcorp CEO, had said that as the electricity supply market transitions into bilateral contracts, with other countries, particular, Niger, Benin and other countries I the ECOWAS, sub-region, as obtained in the country’s Electricity Act, 2024, he is optimistic that sustaining the momentum of operation by capitalizing on more strategic investment opportunities and providing additional value to the company’s shareholders would be guaranteed.
At present , the Transcorp Power Company, under the close watch of Ikenga, which is closely monitored by the Board members and the shareholders had given his words that he and his Management team, are committed ‘’to providing electricity supply in Nigeria as it currently ”contributes 20% of the country’s installed power capacity”.
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