Nigeria, July 28 -- Transcorp Power, the electricity generation subsidiary of Transnational Corporation Plc, recorded a 19.8 per cent increase in net profit for the six months to June, compared to a year ago, supported by a considerable improvement in top line.

Turnover, according to its earnings report issued on Monday, accelerated by more than half to N205.8 billion, following a sharp surge in the income earned from energy delivered, its main revenue source. Of that sum, local customers contributed 71.3 per cent, while foreign customers accounted for the rest.

Transcorp Power said in a statement that it owed the fairly strong performance to higher generation capacity and improved operational efficiency, with CEO Peter Ikenga adding th...