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Transcorp Power Plc Reports Strong Q3 2024 Performance, with 153% Revenue Growth and 198% Increase in Profits

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Transcorp Power Plc, one of the power subsidiaries of Transcorp Group, has announced its financial results for the third quarter of the year ending September 30, 2024, demonstrating remarkable growth across the business.

In its Q3 2024 unaudited results filed with the Nigerian Exchange (NGX), Transcorp Power reported revenue of N223.6 billion, representing a significant 153% growth year-on-year, over N88.4 billion in Q3 2023, Highlighting operational efficiency, profit before tax for the period surged by 198%, recording N81.1 billion, compared to N27.3 billion in September 2023.

Key Financial Highlights:

• Revenue Growth: Achieved N223.6 billion in Q3 2024, a 153% increase from N88.4 billion in Q3 2023.

• Net Finance Cost: Reduced by 95% to N538.3 million, down from N10.4 billion in Q3 2023.

• Profit Before Tax: Rose by 198% to N81.1 billion, compared to N27.3 billion in the previous year.

• Profit After Tax: Achieved a 186% increase, rising to N58.5 billion from N20.4 billion in Q3 2023.

• Total Assets: Increased by 62% to N362.5 billion as of September 30, 2024, from N223.4 billion in FY 2023.

• Shareholders’ Funds: Grew by 82% to N105 billion as of September 30, 2024, up from N57.9 billion FY 2023.

• Operating Ratios: 36.3% net profit margin, 56% return on equity, and 16% return on assets

Commenting on the results, the Chief Financial Officer, Transcorp Power, Evans Okpogoro, expressed strong confidence in the company’s financial trajectory, stating:

“We are proud to announce significant growth across all our metrics. Our commitment to disciplined cost management and operational efficiency has not only enabled us to sustain robust margins but has also positioned us to outperform industry averages in key areas. This achievement reflects our strategic focus and dedication to excellence, and positioning as a leader in Nigeria’s power sector”.

In response to the results, Peter Ikenga, MD/CEO, Transcorp Power Plc, commented on the company’s performance this quarter, attributing it to a strategic vision, hard work, and relentless pursuit of operational excellence.

“Despite the distribution and transmission infrastructural challenges faced in the Power Sector, Transcorp Power has once again demonstrated exceptional financial growth, as reflected in our impressive results. We continue to strive to bridge the energy gap in Nigeria, in line with our purpose to improve lives. I am proud to report that we have sustained our remarkable growth trajectory and maintained our position as a leading contributor to the country’s power sector, accounting for approximately 10% of total power generated on the national grid. As the market transitions into the bilateral contracts, as contained in the Electricity Act, we are optimistic about sustaining the momentum by capitalizing on more strategic investment opportunities and providing additional value to our shareholders.”

Transcorp Power Plc is one of the electricity generating subsidiaries of Transnational Corporation Plc (Transcorp Group), a leading, listed African conglomerate.

Transcorp Power is committed to improving electricity supply in Nigeria and contributes over 20% of the country’s installed power capacity. The company is creating value across Nigeria and driving economic growth, demonstrating its mission to improve lives and transform Africa.

www.transcorppower.com

Business

Insufficient aircraft causing flight cancellations, high airfares, says Keyamo

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Festus Keyamo, the minister of aviation and aerospace development, says insufficient aircraft in Nigeria is the primary reason for frequent flight cancellations and high ticket prices for local and international flights.

In an interview with the BBC Pidgin on Saturday, Keyamo expressed concern over the challenges, including flight delays without prior notice to passengers, assuring that they would soon be resolved.

He said the government has initiated a process to empower Nigerian airline operators to partner with foreign companies that manufacture airplanes.

“I met with the people on the ground and asked them, and they told me that the money they pay to hire (rent) airplanes is too high,” Keyamo said.

“They call it wet lease, and the kind of airplanes they get are not the ones they can pay for in installments, why? It’s because the people who bring airplanes to Nigeria for business are afraid of Nigeria.

“They said Nigeria is full of dishonest people, and anytime they bring their planes to Nigeria, if the people cannot pay, they cannot recover their planes.

“I met with them around the world, and they told us to change our law called the Cape Town Convention, when you sign it, it means you are serious.

“The law we signed states that if anyone brings an airplane into Nigeria, if there’s a problem, the government will allow them to take their airplane back, we cannot hold it.”

Keyamo said after Nigeria signed the law and agreement, the country’s aviation rating improved significantly — rising from 49 percent to 70.5 percent.

He expressed optimism that as more planes become available, ticket prices will decrease.

On September 12, the federal government signed the Cape Town Convention (CTC) practice direction to enable domestic airline operators to access aircraft on dry lease.

The Cape Town accord aims to enhance asset-based financing and leasing of aviation equipment, including aircraft, thereby expanding funding opportunities and reducing costs for airlines.

With the agreement, Nigerian airline operators are expected to gain access to aircraft on dry lease, which could lead to lower flight rates for passengers.

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Business

8 essential documents you need as a car owner in Nigeria

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Car owners in Nigeria can avoid fines, impounding, or legal trouble while driving if they have the right documents.

These documents are not only legal but also stop corrupt law enforcement agents from harassment.

Every document, from insurance certificates to driver’s licenses, has a specific function in keeping the road safe and orderly for the benefit of everyone.

Here are 8 essential documents you need as a car owner in Nigeria

Vehicle License

The Vehicle License is usually displayed on the windscreen to show that a car is officially registered and licensed for use on Nigerian roads. It is an annual permit that includes important information such as the car’s registration number, the owner’s details, the engine number, and the chassis number.

Certificate of Roadworthiness

This is the document that indicates that your car is fit and ready to play on the road for a while. Drivers with this document have successfully avoided being harassed by VIO and other road officials. You can obtain it from authorized vehicle inspection centers.

Driver’s License

This is the number one document that permits a car owner to drive a car. This document certifies that a driver is qualified to drive. A valid driver’s license can be obtained from the Federal Road Safety Commission (FRSC). Driving without it can result in penalties.

Insurance Certificate

The Insurance Certificate Proof that your vehicle is insured. The most common type in Nigeria is third-party insurance, which covers any injuries or property damage done to third parties if the insured vehicle is involved in an accident.

The certificate serves as proof that the car is insured and acts as evidence of that fact.

Proof of Ownership

This document is the Original Purchase Receipt or invoice that certifies that you are the legal owner of the vehicle. It could be the purchase receipt, a bill of sale, or a transfer of ownership document and all of the vehicle’s specifications, including the make, model, manufactured year, and seller’s details, are stated in this document.

Vehicle Identification Number (VIN)

Every car has a unique identifier that helps track its history. It is required for registration and insurance claims. If you are buying a used car, ensure that the VIN on the car is the same as the one on all official documents for easy verification.

Hackney Permit (for commercial vehicles)

This is particularly important for commercial cars like a taxi and should be given to you at the point of registering your vehicle. A hackney permit allows commercial drivers to legally transport goods or passengers for hire within specific areas.

Customs Documentation

This is a document every car is expected to have in Nigeria. Since Nigeria does not manufacture cars, it proves that legally imported into Nigeria and all required import duties have been paid for. These documents ensure that duties and taxes have been paid, and driving without them can result in huge fines or even vehicle confiscation.

By ensuring these documents are up to date and readily available, Nigerian drivers can avoid fines, impounding, or legal trouble while driving.

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Business

FG begins sale of 50kg rice at N40,000

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The Federal Government on Thursday in Abeokuta began the sale of rice at a subsidised rate in Ogun.

The Minister of Agriculture and Food Security, Abubakar Kyari, while speaking during a ceremony to signify the commencement, said it was “one of the numerous programmes initiated to bring succour and relief to Nigerians”.

Kyari, who was represented by Mrs Toyin Ayo-Ajayi, the ministry’s State Director, explained that the distribution was being monitored by several Federal Government agencies to ensure transparency, fairness and adequate security.

The Minister stated that the government had put measures in place to ensure that the rice got to the intended beneficiaries.

He said all that was needed was an individual’s National Identification Number (NIN) and Automated Teller Machine (ATM) card to buy 50kg of rice at N40,000.

“However, I want to specifically applaud Gov. Dapo Abiodun for his commitment to the welfare of the citizens of the state.

“Ogun is one of the first set of states in Nigeria to enjoy the benefit and this can be attributed to the governor’s tenacity and visionary leadership.

“Ogun has one of the most organised templates ensuring that this gets to the three Senatorial districts of the state and all at the grassroots,” he said.

Kyari urged citizens of the state to support the government to make sure that all the efforts by different levels of government were appreciated.

In his address, Gov. Abiodun noted that President Bola Tinubu’s initiative testified to his commitment to ensuring he tackled the issue of food inflation and also improved the people’s livelihood.

He expressed his appreciation of the President for his unwavering dedication to supporting the agricultural sector and ensuring food security for citizens.

“This is especially in the light of the present economic realities facing the nation.

“Government has shown responsiveness, thoughtfulness.

“This is appreciated and welcomed, particularly following the removal of petroleum subsidy, as this will go a long way in cushioning the impact of the subsidy removal,” the governor said.

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Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.

She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others

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