Transcorp Power Plc Targets Over N500 Billion Annual Revenue Growth by 2031

Transcorp Power Plc, a subsidiary of Transnational Corporation Plc (Transcorp Group), has set ambitious targets for its future growth trajectory. The company, which recently listed its shares on the Main Board of the Nigerian Exchange (NGX), aims to achieve an annual revenue growth of more than N500 billion by the year 2031.

The listing of Transcorp Power Plc shares on the NGX has not only added over N1.8 trillion to the market capitalization of the exchange but has also injected a fresh wave of liquidity into the Nigerian capital market. On its first day of trading, the company’s shares surged by 10 percent, closing at N264 per share, up from the listing price of N240 per share.

Transcorp Power’s listing on the NGX marks a significant milestone in the company’s journey. Established a decade ago, the company has demonstrated strong corporate governance, operational excellence, and a commitment to value creation for its stakeholders. This track record of success was underscored in May 2023 when Transcorp Power became the first successor Power Generating Company in Nigeria to receive its post-privatization discharge from the National Council on Privatisation, having exceeded key performance indicators set by the Bureau of Public Enterprises (BPE).

Operating the Ughelli Power Plant in Delta State, with an installed capacity of 972MW, Transcorp Power has made significant strides in increasing power generation capacity in Nigeria. Since its acquisition, the company has boosted the plant’s available capacity from 160MW to 680.83MW, surpassing the 5-year target set by the Bureau of Public Enterprises. Transcorp Power is also actively engaged in the West African Power Pool and the ECOWAS Regional Electricity Market, supplying electricity to the ECOWAS Regional Market.

According to Peter Ikenga, the Managing Director and CEO of Transcorp Power, the company’s transformation from a government-owned asset to a leading private sector organization underscores its unique position in Nigeria’s power generation sub-sector. With 18 gas turbines of different capacities, Transcorp Power is well-equipped to drive economic growth in Nigeria. The company’s focus on effective maintenance and upgrading programs has ensured optimal performance of its turbines, with a capacity utilization rate of 78 percent in 2023.

Evans Okpogoro, the Chief Finance Officer of Transcorp Power, highlighted the company’s impressive revenue growth over the past five years, driven by increased energy delivery, capacity charge, and expansion into international markets. Transcorp Power has sustained and grown its EBITDA margins, solidifying its reputation as one of Nigeria’s leading power generation companies.

The listing of Transcorp Power’s shares on the NGX has garnered praise from industry stakeholders. Dr. Umaru Kwairanga, the Chairman of NGX Group, commended the company’s resilience, innovation, and excellence within Nigeria’s power sector. He emphasized the role of the NGX in driving economic growth and development in the nation.

Jude Chiemeka, the Acting CEO of NGX, highlighted Transcorp Power’s remarkable market capitalization of over N1 trillion, marking it as the first listing of the year. He reiterated the NGX’s commitment to supporting government privatization efforts, particularly within the energy sector, and emphasized the exchange’s role as a catalyst for economic growth and development.

As Transcorp Power Plc sets its sights on achieving over N500 billion in annual revenue growth by 2031, the company remains poised to play a pivotal role in powering Nigeria’s economic transformation and driving sustainable development across the region.