Nigerian tycoon Tony Elumelu-linked power company reports strong Q1 2024, revenue tops $60 million

Transcorp Power, the energy arm of Nigerian conglomerate Transnational Corporation of Nigeria Plc (Transcorp), led by Tony Elumelu, extended its strong financial run into the first quarter (Q1) of 2024. Revenue surged 223 percent year-over-year to N67.86 billion ($63.1 million), exceeding N21.04 billion ($19.54 million) in the first quarter (Q1) 2023.

During this period, revenue generated from energy supply rose from N13.97 billion ($12.9 million) to N45.23 billion ($42 million), while revenue from capacity charges soared from N7.07 billion ($6.56 million) to N22.62 billion ($21 million).

This growth solidified Transcorp Power’s position as a fast-growing African energy company. Q1 2024 profit jumped 665 percent to N20.14 billion ($18.7 million) from N2.63 billion ($2.44 million) a year earlier.

Transcorp Power’s energy journey

Transcorp Power’s journey in Nigeria’s energy sector commenced in 2013 with the acquisition of the Ughelli Power Plant under the leadership of Tony Elumelu. The company further consolidated its presence in 2020 through the acquisition of the Afam Power Plant, bolstering its dominance in the power supply chain.

With an installed capacity of around 2,000 MW, Transcorp Power significantly contributes to Nigeria’s electricity grid, representing 15.5 percent of the nation’s total installed capacity.

The latest financial performance underscores the pivotal role played by Transcorp Power in ensuring the financial stability of the group, following its impressive revenue growth of 57.3 percent in 2023, surging from N90.35 billion ($69.17 million) in 2022 to N142.12 billion ($108.8 million) in 2023.

Transcorp Power sees assets, retained earnings jump in Q1

On the back of a strong Q1 2024, Transcorp Power’s total assets rose to N276.27 billion ($256.5 million) as of March 31, 2024, from N223.39 billion ($207.42 million) at year-end 2023. Retained earnings surged to N29.87 billion ($27.73 million) from N9.73 billion ($9.03 million).

The robust financial performance underscores the company’s improving financial health and growth trajectory. It also highlights Transcorp Power’s resilience and strategic positioning within the dynamic Nigerian energy sector.