Transcorp Power Plc, one of Transnational Corporation Plc power subsidiaries, reported gross earnings of N142.1 billion, or 57.30 percent increase, from its operation in the 2023 financial year, the company’s audited financial statements for the year ended December 31, 2023 have shown.
Also, the financials showed the earning grew from about N90.34 billion reported in the previous year, while profit before tax reflected another impressive year-on-year growth, surging by 84.61 percent to N52.8 billion, from N28.6 billion realised in the previous year.
The Managing Director/CEO of Transcorp Power, Peter Ikenga, attributed the substantial growth to the Company’s strong operational capabilities and effective business strategies.
“We are proud of the significant progress we have made in delivering value to our shareholders and other stakeholders. This performance is a testament to the dedication and hard work of our team, as well as our focus on operational efficiency and ingenuity,” Ikenga said.
With earnings per share standing at N92.25, he said Transcorp Power has continued to deliver significant returns to its investors, reaffirming its position as a leading player in the Nigerian power sector.
He said Transcorp Power, which was listed on the main board of the Nigerian Exchange on March 4, 2024, has continued to enjoy impressive market confidence.
In line with the company’s commitment to shareholder value, the Board of Directors proposed a final dividend payout of N3.13 per share to shareholders.
Ikenga said the dividend payout reflects the Company’s strong financial position and underscores its dedication to rewarding shareholders for their support and investment in the Company.
A statement from the parent company, Transcorp Group, said it would continue to demonstrate its position as a major player in the African power sector, with a focus on delivering reliable power solutions to meet the needs of its customers and stakeholders, in line with its mission of improving lives and transforming Africa.
Transcorp Power, which is the operator of the 972 MW gas-fired Ughelli Power Plant, while non-quoted Transcorp Group subsidiary, TransAfam Power, operates the 966 MW gas-fired Afam Power Plant, with a total joint installed capacity of approximately 2,000 MW.
In 2023, the company executed its strategy of value chain optimisation, through an investment by Transcorp Group in the Abuja Electricity Distribution Company (AEDC) to ensure power gets to the last mile users safely and reliably.
Transcorp Power Plc is one of Nigeria’s principal power generation companies and an electricity generating subsidiary of Transnational Corporation, with strategic investments in the power, hospitality, and energy sectors.
Transcorp Power says it is committed to creating value, driving economic growth and ensuring social good, through access to plentiful and robust electricity supply.
