Transcorp Power targets N500bn annual revenue growth by 2031
By Temitope Adebayo
Transcorp Power Plc has targeted an annual revenue growth in excess of N500 billion by 2031.
The company stated this at its listing on the Nigerian Exchange Limited yesterday in Lagos.
Also, the company boosted the overall NGX market capitalisation by N1.8 trillion as it listed 7.5 billion shares at N240.00 per share on the main board of NGX.
Speaking, MD/CEO of Transcorp Power, Peter Ikenga said, Transcorp Power having witnessed transformation in its ownership, through the takeover of a government-owned asset into a leading private sector led organization.
He stated that, Transcorp Power presents a unique opportunity in Nigeria’s power generation sub-sector, which is pivotal to the country’s economic growth.
He explained that, Transcorp Power has 18 gas turbines of different capacities comprising 12 Hitachi H25 gas turbines of 23.8MW capacity each and six Frame 9E General Electric (GE) gas turbines of 105MW capacity each.
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According to Ikenga, Transcorp Power’s Plant has three major sections respectively referred to as Delta II, Delta III and Delta IV. Each ‘Delta’ has gas turbines (GTs) of different capacities.
Through effective maintenance and upgrading programmes, Transcorp Power has continued to ensure optimal performance of its turbines, irrespective of the section of the Plant in which they are located.
“Through effective maintenance and upgrading programmes, Transcorp Power has continued to ensure optimal performance of its turbines and balance of plant. Whilst installed capacity has remained same in the past few years, Transcorp Power has been able to steadily improve on its capacity utilization rate. In 2023, the Company’s utilization rate stood at 78 per cent,” he pointed out.
Also, chief finance officer of Transcorp Power, Evans Okpogoro added that the company’s revenue has grown impressively over the past five years, driven by a surge in energy delivery and capacity charge, coupled with the lucrative expansion into international markets.
Okpogoro explained that the company has sustained and grown its EBITDA margins, thereby strengthening its pedigree as one of the leading power generation companies in Nigeria.
The chairman of NGX Group, Dr. Umaru Kwairanga commended the listing of 7.5 billion ordinary shares of Transcorp Power on the Main Board of NGX, saying the listing of Transcorp Power’s 7.5 billion shares is a testament to the resilience, innovation, and excellence within Nigeria’s power sector.
He added that it also underscores NGX’s pivotal role in driving economic growth and development in our nation.
The acting CEO of NGX, Jude Chiemeka stated that with Transcorp Power boasting a remarkable market capitalization of over N1 trillion, marking the first listing of the year, underscores the pivotal role the NGX plays in shaping our economic landscape and highlights the Exchange’s significance and contribution to the Nigerian economy.
He added that the NGX is not just a platform for trading stocks; it is a catalyst for economic growth and development, and we recognize our responsibility in supporting the government’s privatization efforts, particularly within the energy sector.
