Tuesday, August 5, 2025
22.9 C
Lagos

Transcorp Power: N142bn Revenue, N52.8bn PBT, Declares N23.46bn Dividend

From L-R: Dr. Owen D. Omogiafo, Non-Executive Director; Peter Ikenga, Managing Director/CEO; Emmanuel N. Nnorom, Chairman; Stanley Chikwendu, Company Secretary at the Annual General Meeting of Transcorp Power Plc held in Abuja on Monday, May 20, 2024.

Transcorp Power Plc, a subsidiary of Transnational Corporation Plc (Transcorp Group), announced impressive financial performance at its recently concluded 11th Annual General Meeting (AGM), the first since the Company went public, via a listing by introduction of its shares on March 04, 2024.

The Company recorded gross earnings of N142.1 billion, a 57.3% increase, compared to the previous year. Profitability remained strong, demonstrating its resilience amidst evolving market dynamics. Profit before tax showed an impressive year-on-year growth, up 84.4%, from N28.6 billion reported in 2022 to N52.8 billion in 2023.

At the AGM, the Chairman of the Board, Mr. Emmanuel Nnorom highlighted Transcorp Power’s achievements over the past year, while assuring shareholders of the Company’s commitment to maintaining its exceptional financial results and improving the lives of Nigerians.

He said: “Last year’s strong performance is a testament to the resilience of our business strategies, underpinned by a culture of strong corporate governance.  We know that with our strategy and the dedication of our team, we will continue to deliver exceptional value to all stakeholders.”

Speaking on the Company’s performance, the Managing Director/Chief Executive Officer, Transcorp Power, Peter Ikenga, stated that the Company’s success is as a result of the rigorous execution of our strategies and deliberate focus on enhancing operational efficiency.

“As we celebrate last year’s achievements, we remain committed to continuous improvement. This year, our strategic focus is on recovering plant available capacity, enhancing operational excellence and efficiency, and rigorously implementing our plant maintenance schedule. We will continue prioritising and investing in human capital, aiming to enhance in-house capabilities.  Our commitment to incident and injury-free operations remains strong, as we leverage our talent, foster ingenuity, and nurture teamwork. We are determined to build on our successes and leverage strategic investment opportunities to deliver even greater performance and sustainable growth for our stakeholders.”

Shareholders at the AGM lauded the Company’s professionalism and commitment to growing value for shareholders. Mrs. Bisi Bakare, one of the company’s shareholders, commended Transcorp Power for continuously exceeding shareholder expectations. She said: “I am very satisfied with Transcorp Power’s performance. It demonstrates their commitment to creating value for us shareholders, which is what we are all here for.”

Transcorp Power’s social responsibility activities were also commended at the AGM.  The Company has contributed to Nigeria’s sustainable development, particularly in the areas of education, community development, and environmental sustainability.

Operationally, the Company’s focus on excellence and optimisation has contributed to its position as a market leader in the power sector. Through strategic investments and operational strategies, Transcorp Power continues to enhance its generation capacity and optimise plant performance.

Transcorp Power Plc is an electricity generating subsidiary of Transnational Corporation Plc (Transcorp Group), a leading, listed African conglomerate with strategic investments in the power, hospitality, and energy sectors.  Transcorp Power is committed to creating value and driving economic growth, by improving lives through access to electricity and transforming Africa.

spot_img
spot_img

Hot this week

Investor Confidence: Stanbic IBTC Holdings Surpasses ₦100 Stock Price Threshold

Stanbic IBTC Holdings Plc has achieved a remarkable milestone,...

Leadway Assurance Partners Ecobank to Expand Access to Tailored Insurance Solutions

Leadway Assurance, Nigeria's leading insurance provider, has formally entered...

ICAN Fidelity Bank Chapter Chair to Focus on Capacity Building, Professional Excellence

L-R: Chairman of the Occasion and Regional Bank Head...

Sterling HoldCo Delivers 157% Profit Growth in Half-Year 2025

Sterling Financial Holdings Company Plc has reported a 157%...

Topics

Polaris Bank Empowers Media Practitioners with 2024 Capacity Building Workshop

As part of its on-going commitment to continually empower...

Allianz to Become Worldwide Olympic Insurance Partner

The International Olympic Committee (IOC) and Allianz has announced...

PenCom: RSA Transfer Window to Open Nov 16

The National Pension Commission (the Commission) wishes to inform...

PwC Report: African Retail Prospects Remain Positive

Africa’s economy has seen modest growth in the wake...

Afrimart, 1st Made-in-Africa B2B E-Commerce Platform Launched

Pan-Africa’s pioneer Business to Business (B2B) e-commerce platform for...

Mobile Broadband Subscriptions Top 2.4bn in Q2 2014

Mobile broadband technology continues to reach more people all...

NEM: ‘The Most Media-Friendly Insurance Company of the Decade’

L-R: Mrs. Moji Teluwo, DGM, Corporate Affairs, NEM Insurance...

Nigerian Insurers Plan Strategic Rebranding

Operators in the Nigerian insurance sector have taken a...
spot_img

Related Articles

Popular Categories

spot_imgspot_img