Grapevine

Transcorp Power’s nine-month profit jumps nearly threefold to N58 billion

Electricity provider Transcorp Power reported an almost threefold increase in net profit for the first nine months of the year, boosted by an improvement in its two key income sources.

The Ughelli-based company, which was listed on the Nigerian Exchange in March, recorded a revenue of N223.6 billion, compared to N88.4 billion a year earlier.

The strong performance rested on a 170.5 per cent surge in the income generated from energy delivered and a 132.2 per cent rise in the cash earned from capacity charge, its unaudited financials issued on Monday showed.

“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,” Chief Financial Officer Evans Okpogoro said in a separate document.