Transcorp Power Shares Surge 9% on Strong Earnings Results
Transcorp Power'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 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.
Plus234Feed summary based on reporting from Business Day. Read the original report below.
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