Transcorp Group Targets Power Expansion Amid Rising Costs
Transcorp Group, through its subsidiary Transcorp Power Plc, is focusing on expanding its power sector operations despite cost challenges. The company reported a 38% revenue increase, aiming to enhance its average generation capacity to 420MW.
CEO Peter Ikenga aims to boost capacity to 750MW by 2026 through efficient asset optimization and digital innovation. Despite inflationary pressures and rising operational expenses, the group remains optimistic about future growth.
Chairman Tony Elumelu highlighted revenue growth driven by the power and hospitality businesses, with gross revenue reaching N413.44 billion. Profit before tax rose by 18% to N124.52 billion, showcasing the company's resilience in the face of operational challenges.
Plus234Feed summary based on reporting from Leadership Newspaper. Read the original report below.
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