By Tochukwu Bliss, Abuja
Transcorp Power Plc, a power subsidiary of Nigeria’s leading listed conglomerate, Transnational Corporation Plc, has reported a 84.61% surge in pre-tax profit to N52.8 billion for the full year (FY) ended December 31, 2023. Profit rose from N28.6 billion reported same period last year.
The Company reported gross earnings of N142.1 billion for the period in review, an increase of 57.30% from the N90.34 billion reported in FY 2022.
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, it said, reflects the Company’s strong financial position and underscores its dedication to rewarding shareholders for their support and investment in the Company.
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 on March 4, 2024, has continued to enjoy impressive market confidence.
Transcorp Power operates the 972 MW gas-fired Ughelli Power Plant, while non-quoted Transcorp Group subsidiary TransAfam Power operates the 966 MW gas-fired Afam Power Plant, with total joint installed capacity of approximately 2,000 MW.
In 2023, executing its strategy of value chain optimisation, Transcorp Group invested in the Abuja Electricity Distribution Company (AEDC) to ensure power gets to the last mile users safely and reliably.
Transcorp Power reassures of its icommitment to creating value, driving economic growth and ensuring social good, through access to plentiful and robust electricity supply.
This performance is a testament to the dedication and hard work of our team, as well as our focus on operational efficiency and ingenuity.
