Thursday, May 1, 2025
25.8 C
Lagos

Transcorp Power Grows Topline by 57.03%, Profit by 75%-Declares Dividend of N3.13

 

Mr. Peter Ikenga

Managing Director/CEO

Transcorp Power Plc

Transcorp Power Plc, one of the power subsidiaries of Nigeria’s leading listed conglomerate, Transnational Corporation Plc has released its audited financial statements for the year ended December 31, 2023.

The Company reported gross earnings of N142.1 billion for the 12 months, marking a strong increase of 57.30 percent, from N90.34 billion reported in FY 2022. Profit before tax showed a similar impressive year-on-year growth, surging by 84.61 percent 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 Plc 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.

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.

Transcorp Power is committed to creating value, driving economic growth and ensuring social good, through access to plentiful and robust electricity supply.

spot_img
spot_img
spot_img

Hot this week

emPLE Unveils BETA Life: A Three-in-One Endowment Plan for Smarter Savings and Protection

emPLE Life Assurance Limited has announced the launch of...

STI CEO, Soyinka, Lauds Nigerian Workers on May Day

As the world marks this year’s edition of Workers’...

NGX Group, Min of Industry, Trade and Investment, Collaborate to Advance Economic Transformation

Nigerian Exchange Group Plc (NGX Group) recently hosted the...

Inspenonline Summit to Stimulate Interest for Good Retirement

The 2025 Inspenonline Retirement Summit is aimed at stimulating...

Banks, Telecoms, Mobility Brands Dominate Q1 2025 Media Performance Charts

Following the Central Bank of Nigeria’s directive to harmonize...

Topics

Special Report: The Leading Insurance Companies in Nigeria

The Tunisian Federation of Insurance Companies “FTUSA” and Tunisian Reinsurance Company “TUNIS RE” are honored to host the 42nd AIO Conference and General Assembly from 24th to 27th May in Gammarth, Tunisia. The conference will be organised under the auspices of the African Insurance Organisation “AIO.” This conference presents a good opportunity for a valuable exchange of ideas and experiences in order to support business exchange between the different partners of our industry.

Stanbic IBTC Named in World’s Top 100 Social Media Savvy Banks

Stanbic IBTC Bank Plc has been named amongst the...

NSE, GRI, EY Partner on Sustainability Seminar

GRI in conjunction with The Nigerian Stock Exchange (NSE)...

NIA Chair, Tope Smart, Visits Stock Exchange

L – R: Mr. Oscar N. Onyema, Chief Executive...

Beyond Tinubu’s Second Bombshell in Abeokuta

  By Haniel Ukpaukure There is something about Abeokuta, the Ogun...

Nigeria’s 2015 Appropriation Bill: Legislators Adopt the Ostrich Strategy

A week after the House of Representatives passed the 2015 Budget, the Upper Chamber fulfilled its part of the Appropriation process by passing a N4.5tn budget. This is N134.4bn in excess of the N4.4tn submitted by the Executive arm late 2014. Meanwhile, recurrent expenditure was reduced slightly by N0.5bn to N2.6tn while capital expenditure was scaled down by additional N85.9bn to N557.0bn from N642.8bn proposed by the Executive arm. Effectively, this implies that recurrent expenditure is approximately five times the capital expenditure.

Sanlam Pan Africa Inducts Ojumah into Council of Elders

  L-R: Tunde Mimiko, Managing Director/Chief Executive Officer, Sanlam Life...

Bvlgari Luxury Resort, Emirates Woo Nigerians to Dubai

A leading 5-star luxury hotel brand in Dubai, Bvlgari...
spot_img

Related Articles

Popular Categories

spot_imgspot_img