Kayode Tokede
The newly listed company on the main board of the Nigerian Exchange Limited (NGX), Transcorp Power Plc, yesterday crossed N2 trillion in market capitalisation amid surge in demand by investors.
The market capitalisation of the power generating company closed yesterday, at N2.18trillion from the N1.8trillion it was listed on NGX.
Trancorp Power now above Transcorp Hotels Plc with over N1 trillion and Transcorp Incorporated Plc with N701.99 biillion in market capitalisation as of March 5, 2024.
Within two days, the market capitalisation of Transcorp Power has added N378 billion following N50.4per share or 21per cent gain in its stock price.
Trancorp Power was listed at N240 per share and closed at N290.40 per share. The leading power generation company gained 10 per cent on the first trading day. It appreciated by 10 per cent to reach N290.40 per share yesterday.
The electric power generating company on the first day of listing was the second most traded stock on the Exchange, trading 40million shares and N10.56 billion by market value to close to N264.00 per share after gaining 10 per cent.
On the second day, Transcorp Power rose by 10 per cent or N26.40 per share to close at N290.40 per share.
Speaking during the listing on NGX, the Chief Executive Officer of Transcorp Power, Mr Peter Ikenga, had said the company had witnessed transformation in its ownership, through the takeover of a government-owned asset into a leading private sector-led organisation. He stated that Transcorp Power presents a unique opportunity in Nigeria’s power generation sub-sector, which is pivotal to the country’s economic growth.
He explained that the firm has 18 gas turbines of different capacities.
“Through effective maintenance and upgrading programmes, Transcorp Power has continued to ensure optimal performance of its turbines, irrespective of the section of the Plant in which they are located.
“Whilst installed capacity has remained same in the past few years, Transcorp Power has been able to steadily improve on its capacity utilisation rate. In 2023, the Company’s utilisation rate stood at 78 per cent,” he said.
Also, the Chief Finance Officer of Transcorp Power, Evans Okpogoro, added that the company’s revenue has grown impressively over the past five years, driven by a surge in energy delivery and capacity charge, coupled with the lucrative expansion into international markets.
Okpogoro, explained that the company has sustained and grown its EBITDA margins, thereby strengthening its pedigree as one of the leading power generation companies in Nigeria.
