Transcorp Power Plc, a prominent power subsidiary of Transnational Corporation Plc, has unveiled its audited financial statements for the year ending December 31, 2023. The company showcased robust financial performance, recording a remarkable increase in gross earnings to N142.1 billion, marking a significant surge of 57.30% from the previous fiscal year’s figures.
Moreover, Transcorp Power reported a noteworthy growth in profit before tax, soaring by 84.61% to N52.8 billion, compared to N28.6 billion in the previous year. Peter Ikenga, the Managing Director/CEO of Transcorp Power, attributed this substantial growth to the company’s steadfast operational capabilities and effective business strategies.
Ikenga expressed pride in the company’s achievements, emphasizing the dedication and hard work of the team, coupled with a focus on operational efficiency and innovation. With an earnings per share of N92.25, Transcorp Power continues to deliver substantial returns to its investors, further solidifying its position as a key player in the power sector.
Since its listing on the main board of the Nigerian Exchange on March 4, 2024, Transcorp Power has garnered significant market confidence. In line with its commitment to enhancing shareholder value, the Board of Directors has proposed a final dividend of N3.13 per share. This dividend payout underscores the company’s robust financial position and dedication to rewarding shareholders for their support and investment.
Transcorp Group, a major player in the African power sector, remains focused on delivering reliable power solutions to meet the needs of customers and stakeholders. Transcorp Power operates the Ughelli Power Plant with a capacity of 972 MW, while its subsidiary, TransAfam Power, operates the Afam Power Plant with a capacity of 966 MW.
Furthermore, in 2023, as part of its strategy for value chain optimization, Transcorp Group invested in the Abuja Electricity Distribution Company (AEDC) to ensure safe and reliable power distribution to end-users.
About Transcorp Power Plc:
Transcorp Power Plc is a leading Nigerian power generation company and a subsidiary of Transnational Corporation Plc. The company is committed to creating value, driving economic growth, and providing reliable electricity supply to enhance social welfare.
Credit: Nairametrics (Text Excluding Headline)
