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Transcorp Power Reports Strong Q3 2024 Performance, with 153% Revenue Growth and 198% Increase in Profits

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Transcorp Power Plc, one of the power subsidiaries of Transcorp Group, has announced its financial results for the third quarter of the year ending September 30, 2024, demonstrating remarkable growth across the business.

In its Q3 2024 unaudited results filed with the Nigerian Exchange (NGX), Transcorp Power reported revenue of N223.6 billion, representing a significant 153% growth year-on-year, over N88.4 billion in Q3 2023, Highlighting operational efficiency, profit before tax for the period surged by 198%, recording N81.1 billion, compared to N27.3 billion in September 2023.

Key Financial Highlights:

• Revenue Growth: Achieved N223.6 billion in Q3 2024, a 153% increase from N88.4 billion in Q3 2023.

• Net Finance Cost: Reduced by 95% to N538.3 million, down from N10.4 billion in Q3 2023.

• Profit Before Tax: Rose by 198% to N81.1 billion, compared to N27.3 billion in the previous year.

• Profit After Tax: Achieved a 186% increase, rising to N58.5 billion from N20.4 billion in Q3 2023.

• Total Assets: Increased by 62% to N362.5 billion as of September 30, 2024, from N223.4 billion in FY 2023.

• Shareholders’ Funds: Grew by 82% to N105 billion as of September 30, 2024, up from N57.9 billion FY 2023.

• Operating Ratios: 36.3% net profit margin, 56% return on equity, and 16% return on assets

Commenting on the results, the Chief Financial Officer, Transcorp Power, Evans Okpogoro, expressed strong confidence in the company’s financial trajectory, stating:

“We are proud to announce significant growth across all our metrics. Our commitment to disciplined cost management and operational efficiency has not only enabled us to sustain robust margins but has also positioned us to outperform industry averages in key areas. This achievement reflects our strategic focus and dedication to excellence, and positioning as a leader in Nigeria’s power sector”.

In response to the results, Peter Ikenga, MD/CEO, Transcorp Power Plc, commented on the company’s performance this quarter, attributing it to a strategic vision, hard work, and relentless pursuit of operational excellence.

“Despite the distribution and transmission infrastructural challenges faced in the Power Sector, Transcorp Power has once again demonstrated exceptional financial growth, as reflected in our impressive results.

“We continue to strive to bridge the energy gap in Nigeria, in line with our purpose to improve lives. I am proud to report that we have sustained our remarkable growth trajectory and maintained our position as a leading contributor to the country’s power sector, accounting for approximately 10% of total power generated on the national grid.

“As the market transitions into the bilateral contracts, as contained in the Electricity Act, we are optimistic about sustaining the momentum by capitalizing on more strategic investment opportunities and providing additional value to our shareholders.”

Transcorp Power Plc is one of the electricity generating subsidiaries of Transnational Corporation Plc (Transcorp Group), a leading, listed African conglomerate.

Transcorp Power is committed to improving electricity supply in Nigeria and contributes over 20% of the country’s installed power capacity.

The company is creating value across Nigeria and driving economic growth, demonstrating its mission to improve lives and transform Africa.


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

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9mobile Addresses Recent Service Outages, Apologizes for Inconvenience

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9mobile has apologized for the recent service outages experienced by its valued customers which has affected their ability to provide voice, data, internet services. “We understand the frustration these disruptions have caused and deeply regret the inconvenience.

“Our technical team has identified the root causes of the outages including a fire incident at our Main Data Centre in Lagos last night which severely impacted services especially in the Lagos and South-West.  We are grateful for the swift intervention of the Lagos State Fire Service, which helped prevent further damage.

“Prior to the fire incident, our network experienced major fibre interruptions leading to varying degrees of outages. We had a fibre cut on the backbone links in Lagos which led to a total data outage across the country.

“This was followed closely by two vandalism incidents in Lagos and Abuja, leading to total service outage in South-West and data service outage in the North.  Services have now been fully restored in the North & South-South States while restorations work is ongoing in others. We expect to fully restore services as soon as possible”

At 9mobile, customer satisfaction is remains top priority. “We value the trust you place in us and appreciate your patience and understanding during this challenging time. Customers who continue to experience issues can reach out to our customer service team via our social media touchpoints or our experience centres”.

Once again, we sincerely apologize for the disruption and thank you for your continued support.


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NAF Delegation Visits Zinox Technologies, Discuss Partnership

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A high-level delegation from the Nigerian Air Force (NAF) recently visited Zinox Technologies, Africa’s foremost integrated ICT solutions company, exploring avenues for a strategic partnership to strengthen the Air Force’s operational and technological infrastructure.

The delegation, led by AVM SK Usman, Chief of Communications Information Systems (CCIS), included notable figures such as Dr. Asogbon, Strategic Consultant on Communication, Air Commodore Isah, Commander of the 041 CIS Dep, Air Commodore AI Hanidu, Director of Information Technology, Air Commodore HC Usman, Director of Electronic Warfare, Squadron Leader Bilawu, and Group Captain Oloretore, Commander of the 641 CIS Group.

During the visit, NAF representatives commended Zinox Technologies for its significant contributions to technological development across Nigeria and Africa. They emphasized the importance of collaboration in addressing critical needs, including the localization and implementation of robust data storage solutions at NAF headquarters and nationwide offices to ensure data security and accessibility, as well as deploying intelligent and advanced video surveillance systems to enhance security and operational efficiency.

Additionally, the discussions highlighted providing reliable and efficient alternative power solutions to support critical operations and establishing and equipping annex facilities to meet the NAF’s growing data storage and processing requirements. Both parties also proposed solutions to support the development of various data centres for the Air Force. These discussions underscored Zinox’s capability to meet NAF’s complex requirements, leveraging its experience and innovative technology offerings to enhance national security operations.

Zinox Technologies, known for its pioneering role in the African tech industry, has a proven track record and a rich history of impactful projects across Nigeria and the continent. The company has been instrumental in driving digital transformation initiatives, providing cutting-edge IT solutions, and supporting numerous sectors with innovative tech products.

The foremost tech company has executed several transformative initiatives, including Africa’s largest ICT voter registration rollout and impactful e-education and e-health projects in Nigeria. Zinox holds prestigious certifications such as the Microsoft Windows Hardware Quality Lab Certification and ISO 9001:2000.

Zinox’s commitment to technological advancement has earned them a reputation as a leader in the African tech ecosystem, making them a trusted partner for the NAF’s ambitious projects.

By partnering with Zinox, the NAF aims to leverage indigenous cutting-edge technology to enhance its operational capabilities and contribute to the overall development of the Nigerian Air Force. This collaboration highlights Zinox’s unwavering commitment to leveraging technology to support Nigeria’s growth and development.

 


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Nasarawa Technology Village Attracts 12Bn Investments

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Modern Shelter Systems and Services Limited, one of Nigeria’s leading real estate firms has announced that the Nasarawa Technology Village has attracted investments of N12 billion since the project commenced.

Nasarawa Technology Village Attracts 12Bn Investments

The real estate firm added that it has officially commenced feasibility studies for the Aso-Pada Toll Road, which will catalyse the development of the tech-driven innovation hub, creating value for investors and transforming lives along the Keffi-Nyanya-Abuja corridor.

With the signing of the Aso-Pada Toll Road project, Modern Shelter said it is one step closer to realising the vision of Nasarawa Technology Village, which is powered by innovation as the project will connect communities, attract investments, and unlock socio-economic opportunities while providing sustainable, affordable housing for the future.

Commenting on the development, Abdulmalik Mahdi, chief executive officer, said that “The Aso-Pada Toll Road will serve as the backbone of Modern Shelter’s Nasarawa Technology Village, bringing 1,962 homes, a tech incubation centre and more to life.

“The Aso-Pada Toll Road will not only enhance connectivity but also drive the success of our Nasarawa Technology Village project, powered by NGN12.5 billion in investments. Together, we’re creating a hub for innovation, sustainability, and opportunity,” he explained.

 

 

 


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