Business
Transcorp Power Plc Reports Strong Q3 2024 Performance, with 153% Revenue Growth and 198% Increase in Profits
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.
Business
Ghana’s inflation rises to 23.8% — highest in eight months
Ghana’s consumer inflation rate rose for the fourth consecutive month to 23.8 percent in December 2024.
Samuel Kobina Annim, government statistician at the Ghana Statistical Service (GSS), announced the figure to journalists in Accra on Wednesday.
Ghana’s inflation rate started rising in September last year, when it rose to 21.5 percent, then climbed further to 22.1 percent in October and 23 percent in November.
Annim said the inflation rate recorded at the end of last year was the highest in eight months.
“The rate of inflation… is the third highest in the last 13 months and highest in the last eight months,” Annim said.
Also, food inflation saw a significant jump, rising from 25.9 percent in November to 27.8 percent in December.
Annim attributed the increase to the contributions from specific food items, such as yams, showing drastic year-on-year price hikes of 63.3 percent.
He also highlighted the need for a dual approach to tackling inflation, addressing both monetary and real-sector issues.
“We do emphasise that there are two perspectives in addressing inflation. One is the monetary side… and the other is the real side, with what we’ve seen with food inflation, more particularly the food that we consume, that are locally produced,” he added.
Annim urged policymakers to focus on production, value chains, transportation, warehousing, and reducing post-harvest losses to stabilise food prices.
“Policymakers put in diverse interventions, rather than focusing on, let’s say, only exchange rate or focusing on just some selected items that do not cover the variety of food items that influence food prices,” he said.
Business
Governor Sanwo-olu signs N3.366trn 2025 budget
Lagos State Governor, Babajide Sanwo-Olu, on Thursday, signed the 2025 appropriation bill into law.
The Special Adviser on Media and Publicity to the Governor, Gboyega Akosile, made this known in a post on his X handle.
He said the budget size is N3.366 trillion meant for the continuation of the great works of the Sanwo-Olu administration.
Business
Italy extends work visa for skilled workers for 2025
Italy is taking steps to address its significant shortage of skilled workers by keeping its Work Visa for Highly Qualified Workers program open for 2025.
The country, which is known for its rich culture, food, and history, has faced increasing demand in sectors such as IT, healthcare, and green energy.
These industries are crucial to Italy’s economic growth, and the government is working to meet these demands by attracting foreign talent.
Italy is making considerable efforts to improve its labour market by introducing a series of policy changes to simplify the visa application process, DAAD Scholarship reports. The country’s Work Visa program is designed to bridge the gap between the available talent and the growing need for highly skilled workers.
Italy’s work visa aims to address skill shortages
The Work Visa for Highly Qualified Workers aims to address the skill shortages in key sectors, including information and communication technology (ICT), healthcare, and renewable energy. By opening its doors to foreign professionals, Italy hopes to fill critical positions that are difficult to staff with local workers.
This program is expected to boost the economy by bringing in skilled professionals who can contribute to sectors vital to Italy’s long-term economic stability.
The visa allows skilled workers to live and work in Italy while helping the country meet its industrial needs. In 2025, the visa is seen as a way to attract experts from around the world who can fill gaps in sectors where there is a high demand for specialized knowledge and experience.
Key changes to Italy’s work visa policies for 2025
Significant changes have been made to the Italian Work Visa policies to streamline the application process and ensure faster processing times. One of the major updates is the increase in quotas for non-EU workers.
- Last year, the Italian government raised the quota for work permits from 151,000 to 165,000. This adjustment reflects the increasing need for foreign workers across multiple sectors.
- Another notable change is the introduction of digital processes to simplify the visa application. By March 2024, the Italian government implemented digital contracts and the use of certified email (PEC), which have reduced the need for in-person visits to immigration offices.
- In July 2024, Italy also revised its EU Blue Card requirements, lowering the minimum work contract duration from 12 months to six months. Additionally, the salary threshold was adjusted to fall between 1 and 1.6 times the average gross salary in Italy.
The introduction of sector-specific permits for healthcare roles also occurred in October 2024. An additional 10,000 permits were introduced for family and social healthcare assistance positions to meet the growing demand in the healthcare sector.
Streamlined application process for 2025 work visa
The new application process for the Work Visa for Highly Qualified Workers in 2025 is designed to be faster and more accessible. The digital system allows employers to pre-fill applications for their workers, saving time and reducing paperwork.
The application process is simplified, with designated “click days” for submission, including February 5th, 7th, and 12th, 2025, depending on the applicant’s category, reports inform.
Once an application is submitted, both the employer and the applicant will be notified of the decision within a specified timeframe. Digital contracts and integration agreements also reduce the need for physical paperwork, further speeding up the process.
High-demand sectors for Italy’s work visa program
The Italian Work Visa for Highly Qualified Workers targets skilled professionals in several key sectors. These include:
- ICT: Software developers, data analysts, AI specialists, and cybersecurity experts are highly sought after.
- Healthcare: Nurses, physiotherapists, caregivers, and healthcare assistants are in demand.
- Green Energy: Engineers focused on renewable energy are needed to help Italy meet sustainability goals.
- Construction: Skilled laborers, engineers, and project managers are sought to address Italy’s infrastructure needs.
- Hospitality: Chefs, hotel managers, and tourism professionals are needed to support Italy’s vibrant tourism industry.
Where to find jobs with visa sponsorship in Italy
For those looking to apply for the Work Visa for Highly Qualified Workers, several job portals can help candidates find employment in Italy. Some popular websites where job seekers can find roles with visa sponsorship include:
The program offers a valuable opportunity for professionals in high-demand sectors to contribute to Italy’s economy and enjoy living in one of Europe’s most attractive countries.
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