Transcorp Power Plc, a subsidiary of Nigeria’s prominent conglomerate, Transnational Corporation Plc, has published its audited financial statements for the fiscal year ending on December 31, 2023.
The company disclosed a robust increase in gross earnings, reaching N142.1 billion over the 12-month period, marking a significant rise of 57.30 percent from N90.34 billion recorded in the preceding financial year. Similarly, the profit before tax witnessed a notable year-on-year growth, soaring by 84.61 percent to N52.8 billion, compared to N28.6 billion reported in the previous year.
Peter Ikenga, the Managing Director/CEO of Transcorp Power, attributed this substantial growth to the company’s strong operational capabilities and effective business strategies, expressing pride in the team’s dedication and hard work.
With earnings per share amounting to N92.25, Transcorp Power continues to deliver substantial returns to its investors, reinforcing its position as a leading entity in the power sector. The company’s listing on the main board of the Nigerian Exchange on March 4, 2024, has further bolstered market confidence.
In line with its commitment to enhancing shareholder value, the Board of Directors has recommended a final dividend payout of N3.13 to shareholders. This dividend proposal underscores the company’s robust financial standing and commitment to rewarding shareholders for their continued support and investment.
Transcorp Group maintains its prominent role in the African power sector, focusing on providing reliable power solutions to meet the needs of its customers and stakeholders, aligning with its mission of enhancing lives and transforming Africa. Transcorp Power operates the 972 MW gas-fired Ughelli Power Plant, while its subsidiary, TransAfam Power, manages the 966 MW gas-fired Afam Power Plant, collectively contributing to a joint installed capacity of approximately 2,000 MW. In 2023, as part of its value chain optimization strategy, Transcorp Group invested in the Abuja Electricity Distribution Company (AEDC) to ensure the safe and reliable distribution of power to end-users.