Transcorp Power Plc (Transcorp Power), one of the power subsidiaries of Nigeria’s leading listed conglomerate, Transnational Corporation Plc (Transcorp Group), has reported gross earnings of N142.1 billion for 2023, marking a strong increase of 57.30% from N90.34 billion reported in 2022.
According to its audited financial statements for the year ended December 31, 2023, the company’s profit before tax showed impressive year-on-year growth, surging by 84.61% to N52.8 billion from N28.6 billion reported in the previous year.
Commenting on the results, Mr. Peter Ikenga, the Managing Director/CEO of Transcorp Power, 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, Transcorp Power continues to deliver significant returns to its investors, reaffirming its position as a leading player in the power sector
Since its listing on the Nigerian Exchange’s main board on March 4, 2024, the company has maintained impressive market confidence.
In line with its commitment to shareholder value, the Board of Directors has proposed a final dividend of N3.13 to shareholders.
This dividend payout reflects the company’s strong financial position and underscores its dedication to rewarding shareholders for their support and investment in the company.
Transcorp Group continues 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 operates the 972 MW gas-fired Ughelli Power Plant, while TransAfam Power, a non-quoted Transcorp Group subsidiary, operates the 966 MW gas-fired Afam Power Plant, with a total joint installed capacity of approximately 2,000 MW.
In 2023, executing its strategy of value chain optimisation, Transcorp Group invested in the Abuja Electricity Distribution Company (AEDC) to ensure power gets to the last mile users safely and reliably.
About Transcorp Power Plc
Transcorp Power Plc is one of Nigeria’s principal power generation companies and an electricity-generating subsidiary of Transnational Corporation Plc (Transcorp Group), a leading African listed conglomerate with strategic investments in the power, hospitality, and energy sectors.
Transcorp Power is committed to creating value, driving economic growth, and ensuring social good through access to a plentiful and robust electricity supply.
www.transcorppower.com
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