⚡ Transcorp Power Aims for 25% Market Share in Nigeria’s Electricity Sector
Transcorp Power Plc has announced an ambitious goal to increase its share of Nigeria’s electricity generation to 25%, up from its current 12%. This bold target aligns with the company’s vision to drive energy expansion, industrial growth, and economic transformation.
Powering Up Nigeria’s Electricity Supply
At the company’s Annual General Meeting (AGM) in Abuja, Chairman Emmanuel Nnorom outlined Transcorp Power’s phased plan to achieve this milestone:
✅ Current market share: 12%
✅ Target for 2025: 15%
✅ Long-term goal: 25% of Nigeria’s electricity supply
“To achieve this, we are prioritizing improvements in gas supply and infrastructure to boost electricity output,” Nnorom stated.
Strong Financial Performance & Growth
Despite economic challenges, Transcorp Power delivered impressive financial results in 2024:
Revenue Growth: +115% (from ₦142.1bn in 2023 to ₦305.9bn in 2024)
Operating Profit: ₦114.03bn (+76% YoY)
Profit Before Tax: ₦113.3bn (up from ₦52.8bn in 2023)
Profit After Tax: ₦80.01bn (+165%)
Additionally, the company fully repaid its $215m foreign currency acquisition loan, reducing its gearing ratio from 64.48% in 2023 to 29.70% in 2024, strengthening its financial position for further expansion.
️ Expanding Capacity & Regional Influence
In 2024, Transcorp Power recovered 125MW of additional capacity, increasing its total available capacity from 500MW to 625MW.
The company is also playing a key role in West Africa’s power supply, expanding its electricity exports to Benin Republic, where it increased its contracted capacity from 130MW to 200MW.
Strategic Industry Positioning
As Nigeria transitions towards bilateral contracts between power generation and distribution companies, Transcorp Power is strategically positioning itself for growth:
⚡ Signed a Power Purchase Agreement (PPA) with Abuja Electricity Distribution Company
⚡ Engaging with other DisCos for direct power sales
⚡ Strengthening its role in the West Africa Power Pool Executive Board
What’s Next for Transcorp Power?
Looking ahead to 2025, Managing Director & CEO Peter Ikenga assured shareholders that the company remains on a strong growth trajectory:
Recovering more plant capacity
Enhancing operational efficiency & maintenance
Investing in human capital & ESG (Environmental, Social, Governance) initiatives
“We’ve been on an upward trajectory for six years, and there are even better things ahead in 2025,” Ikenga emphasized.
Shareholders Set for Higher Dividends
Transcorp Power remains committed to delivering value to investors, announcing a ₦5 per share dividend, comprising:
₦1.50 interim dividend (July 2024)
₦3.50 final dividend, bringing the total payout to ₦37.5bn
Final Thoughts
Transcorp Power’s vision for a 25% electricity market share is a game-changer for Nigeria’s energy sector. With strong financials, strategic investments, and a regional footprint, the company is positioning itself as a dominant force in the power industry.
Stay tuned as Transcorp Power fuels Nigeria’s economic growth! ⚡
Transcorp Power Plc has announced an ambitious goal to increase its share of Nigeria’s electricity generation to 25%, up from its current 12%. This bold target aligns with the company’s vision to drive energy expansion, industrial growth, and economic transformation.
Powering Up Nigeria’s Electricity Supply
At the company’s Annual General Meeting (AGM) in Abuja, Chairman Emmanuel Nnorom outlined Transcorp Power’s phased plan to achieve this milestone:
✅ Current market share: 12%
✅ Target for 2025: 15%
✅ Long-term goal: 25% of Nigeria’s electricity supply
“To achieve this, we are prioritizing improvements in gas supply and infrastructure to boost electricity output,” Nnorom stated.
Strong Financial Performance & Growth
Despite economic challenges, Transcorp Power delivered impressive financial results in 2024:
Revenue Growth: +115% (from ₦142.1bn in 2023 to ₦305.9bn in 2024)
Operating Profit: ₦114.03bn (+76% YoY)
Profit Before Tax: ₦113.3bn (up from ₦52.8bn in 2023)
Profit After Tax: ₦80.01bn (+165%)
Additionally, the company fully repaid its $215m foreign currency acquisition loan, reducing its gearing ratio from 64.48% in 2023 to 29.70% in 2024, strengthening its financial position for further expansion.
️ Expanding Capacity & Regional Influence
In 2024, Transcorp Power recovered 125MW of additional capacity, increasing its total available capacity from 500MW to 625MW.
The company is also playing a key role in West Africa’s power supply, expanding its electricity exports to Benin Republic, where it increased its contracted capacity from 130MW to 200MW.
Strategic Industry Positioning
As Nigeria transitions towards bilateral contracts between power generation and distribution companies, Transcorp Power is strategically positioning itself for growth:
⚡ Signed a Power Purchase Agreement (PPA) with Abuja Electricity Distribution Company
⚡ Engaging with other DisCos for direct power sales
⚡ Strengthening its role in the West Africa Power Pool Executive Board
What’s Next for Transcorp Power?
Looking ahead to 2025, Managing Director & CEO Peter Ikenga assured shareholders that the company remains on a strong growth trajectory:
Recovering more plant capacity
Enhancing operational efficiency & maintenance
Investing in human capital & ESG (Environmental, Social, Governance) initiatives
“We’ve been on an upward trajectory for six years, and there are even better things ahead in 2025,” Ikenga emphasized.
Shareholders Set for Higher Dividends
Transcorp Power remains committed to delivering value to investors, announcing a ₦5 per share dividend, comprising:
₦1.50 interim dividend (July 2024)
₦3.50 final dividend, bringing the total payout to ₦37.5bn
Final Thoughts
Transcorp Power’s vision for a 25% electricity market share is a game-changer for Nigeria’s energy sector. With strong financials, strategic investments, and a regional footprint, the company is positioning itself as a dominant force in the power industry.
Stay tuned as Transcorp Power fuels Nigeria’s economic growth! ⚡