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Nigeria electricity generating giant Transcorp Power delivered higher amounts of power to the grid in the first 9-months of the year, leading to a 51% jump in the value of energy delivered.
Revenue from energy delivered soared to N225.6 billion as at September 2025, up 51% from N149.3 billion as at September 2024.
This was largely driven by an increase in average power generation, reflecting Transcorp Power’s continued investment in improving generation capacity and operational excellence.
These investments include N163.73 billion in natural gas and fuel costs to run Transcorp’s thermal power plants, which rose 38% compared to 2024 levels, as well as N4.15 billion in repairs and maintenance costs as at September 2025.
Transcorp Power’s Profit After Tax (PAT) rose, to ₦68.42 billion in the third quarter (Q3) of 2025, from ₦58.4 billion in Q3 2024, representing a year-on-year growth of 17%.
“The Q3 2025 results are underpinned by further growth in energy delivered to the grid, and emphasising our strategic approach, that ensures we deliver ever increasing value to our shareholders and stakeholders,” Peter Ikenga, MD/CEO Transcorp Power Plc said.
Transcorp Power is a N2.56 trillion ($1.7 billion) market capitalization, Nigeria listed power generating utility.
The stock trades at a price-to-earnings (P/E) ratio of 27.62 times earnings. This means investors pay roughly 27.6 times the company’s earnings per share (EPS) to own its stock.
When compared to its immediate emerging market power sector peers, the average PE ratio is higher at around 31x. For example, Geregu Power trades at an exceptionally high PE of 103.4x, while other peers range between approximately 6x to 7x.
This indicates Transcorp Power is valued higher than the broad emerging markets average but is somewhat reasonably priced relative to its power sector peers in the emerging markets context.
It trades at a premium to the broad market but shows a moderate valuation within its sector.
Nigeria currently has 23 power-generating plants connected to the national grid with a total installed capacity around 11,165 MW. Key players include hydro power plants like Kainji and Jebba, and gas-powered plants such as Transcorp Ughelli, Sapele, TransAfam, and Egbin.
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