Transcorp Power, an electricity provider, has reported a nearly threefold increase in net profit for the first nine months of the year, driven by enhancements in its primary revenue streams.

The company, based in Ughelli and listed on the Nigerian Exchange in March, achieved a revenue of N223.6 billion, a significant rise from N88.4 billion in the same period last year.

This impressive performance was attributed to a 170.5 percent increase in income from energy sales and a 132.2 percent growth in revenue from capacity charges, as indicated in its unaudited financial statements released on Monday.

As a participant in the West African Power Pool and a supplier to the ECOWAS Regional Market, Transcorp Power increased its import earnings as a percentage of total revenue from 12.7 percent to 17.5 percent during this period.

Chief Financial Officer Evans Okpogoro noted, “Our focus on disciplined cost management and operational efficiency has not only allowed us to maintain strong margins but has also enabled us to exceed industry benchmarks in critical areas.”

The net profit margin, which reflects the proportion of revenue converted into profit, rose to 26.1 percent, up from 23.1 percent in the same timeframe last year.

CEO Peter Ikenga expressed pride in the company’s sustained growth trajectory, highlighting its role as a significant contributor to the national power sector, accounting for approximately 10% of total power generated on the national grid.

Looking ahead, he stated, “As the market shifts towards bilateral contracts as outlined in the Electricity Act, we are optimistic about maintaining our growth by seizing strategic investment opportunities and enhancing value for our shareholders.”

However, the company reported an impairment loss on financial assets for the period, which surged by 1,527 percent to N4.3 billion, while administrative expenses more than doubled to N11.6 billion.

Foreign exchange gains reached N3.6 billion, in contrast to a loss of N7.4 billion recorded in the previous year.

Profit after tax increased to N58.4 billion, up from N20.4 billion.

The stock has delivered a return of 14.3 percent since its listing on the main board of the NGX seven months ago.