Transcorp Power Plc, one of the power subsidiaries of
Transnational Corporation Plc, had released its audited financial statements
for the year ended December 31, 2023.
The company’s profit before tax showed a similar impressive
year-on-year growth, surging by 84.61% to N52.8 billion, from N28.6 billion
reported in the previous year.
Commenting on the results, 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 stated.
With earnings per share standing at N92.25, the company
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.
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 Group continues to demonstrate its position as a
major player in the African power sector, with a focus on delivering reliable
power solutions to meet the needs of its customers and stakeholders, in line
with its mission of improving lives and transforming Africa.
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 Plc is one of Nigeria’s principal power
generation companies and an electricity generating subsidiary of Transnational
Corporation Plc (“Transcorp Group”), a leading African listed conglomerate,
with strategic investments in the power, hospitality, and energy sectors.
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