Prime Business AfricaTranscorp Power, a power-generating company largely owned by Tony Elumelu, recorded strong financial performance in the first quarter (Q1) of 2025.
According to Prime Business Africa’s analysis of data obtained from the Nigerian Exchange Limited (NGX), the company’s revenue from contracts with customers increased by 55.4 per cent year-on-year from N67.86 billion in Q1 2024 to N105.44 billion in Q1 2025.
Join our WhatsApp ChannelThe increase, representing a combined gain of N37.57 billion, occurred after Transcorp Power’s share appreciated by N5, rising from N359.90 kobo on January 2 to N364.90 kobo on March 28.
The investment value of Transcorp Power shareholders increased by 1.38 per cent between January and March.
This raised Transcorp Power’s market valuation from N2.69 trillion to N2.73 trillion.
The power generating firm reported 51.45 per cent growth in operating profit, up from N29.41 billion to N44.54 billion.
Its profit before tax (PBT) grew by 50.3 per cent, from N28.8 billion in Q1, 2024 to N43.3 billion in Q1, 2025.
Also, its profit after tax (PAT) grew by 62.04 per cent from N20.14 billion in Q1 2024 to N32.63 billion in Q1 this year.
READ ALSO: Transcorp Group’s Revenue Rises By 62% To ₦143.7bn In Q1
The company’s growth was primarily driven by an increased available capacity of 625MW compared to 500MW in Q1, 2024.
In a statement, Managing Director and Chief Executive Officer of the company, Peter Ikenga, said the growth was achieved notwithstanding the liquidity challenges in the sector, showcasing our commitment to closing the power supply gap in the country.
“This substantial growth reflects not only higher revenues but also continued improvements in cost efficiency and operational excellence.
“We delivered a strong performance in Q1 2025, reflecting our disciplined execution, reliable operations, and unwavering focus on efficiency.
“Despite the challenges impacting the sector, we continue to optimise our generating capacity from 500MW in Q1 2024 to 625MW in Q1 2025. We remain firmly committed to delivering long-term value for our shareholders while powering progress across Africa,” Ikenga said.
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Prime Business Africa is a business, economy and policy news platform founded in 2021 by veteran journalist and media scholar, Dr Marcel Mbamalu, after he left The Guardian as Editor.
Dr Mbamalu, who serves as Founder and Publisher, set up Prime Business Africa to deliver sharp, data-driven reporting on Nigeria’s markets, trade, investment, and governance trends for decision-makers, entrepreneurs, and policy leaders.
He also writes The Bottom Line, a backpage column for Punch Newspaper every Thursday.
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