Transcorp Power Shares Surge 9% on Strong Earnings Results

Transcorp Power (NGX: TRANSPOWER)'s stock price jumped 9% after reporting a 17% increase in profits to N68.42 billion and a 38% rise in revenue to N308.54 billion for the period ending in 2024. The company, a subsidiary of Transnational Corporation (NGX: TRANSCORP) of Nigeria Plc, operates a 900-megawatt capacity in Ughelli, Nigeria.

Despite facing financial pressures due to delayed payments from Nigerian Bulk Electricity Trading Plc, Transcorp Power recorded a significant increase in trade receivables. The company also booked impairment losses and provisions for doubtful debts.

The surge in share price reflects positive investor sentiment towards the company's financial performance.