WED APRIL 03 2024-theGBJournal| Transcorp Power Plc has reported stellar gross earnings of N142.1 billion for FY 2023, marking a strong increase of 57.30%, from N90.34 billion reported in FY 2022.
The power subsidiary of Nigeria’s leading listed conglomerate, Transnational Corporation Plc (Transcorp Group) audited financial statements for the year ended December 31, 2023 published Tuesday, also shows impressive profit before tax year-on-year growth, surging by 84.61% to N52.8 billion, from N28.6 billion reported in the previous year.
Peter Ikenga, 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.
The Company which was listed on the main board of the Nigerian Exchange Limited (NGX) 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.
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