Kayode Tokede
Transcorp Power Plc has announced N30.23 billion profit in audited result and accounts for the full year ended December 31, 2023, a growth of 75 per cent from N17.28 billion reported in the 2022 financial year.
One of the power subsidiaries of Nigeria’s leading listed conglomerate, Transnational Corporation Plc on the Nigerian Exchange Limited (NGX) also declared N52.76billion profit before tax, an increase of 84 per cent from N28.62 billion reported in 2022.
On the backdrop of improved profits, the board of directors of Transcorp Power recommended a dividend of N3.13 for 2023 financial year.
Key financial parameters that impacted on profit was 57 per cent growth in revenue to N142.12 billion in 202 from N90.35 billion reported in 2022.
Commenting on the results, 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 stated.
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. The Company which was listed on the main board of the Nigerian Exchange Limited on March 4, 2024, has continued to enjoy 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 Power continues to strengthen its position as a leading player in the power sector, with a focus on delivering reliable power solutions to meet the evolving needs of its customers and stakeholders, in line with its purpose of improving lives and transforming Africa. Transcorp Power operates the 972 MW gas-fired Ughelli Power Plant. In 2020, the Transcorp Group acquired the 966 MW gas-fired Afam Power Plant bringing total installed capacity to approximately 2,000 MW. In 2023, executing its strategy of value chain optimisation, Transcorp Consortium invested in the Abuja Electricity Distribution Company (AEDC) to ensure power gets to the last mile users safely and reliably.
