Transcorp Power grows profit by 75%, declares N3.13 dividend

Transcorp Power, one of the power subsidiaries of Nigeria’s leading listed conglomerate, Transnational Corporation Plc, has reported gross earnings of N142.1 billion for 2023.

The audited financial statements for the year ended December 31, 2023 showed a strong increase of 57.30%, from N90.34 billion reported in FY 2022. 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.

Peter Ikenga, Managing Director/CEO of Transcorp Power, attributed the substantial growth to the Company’s strong operational capabilities and effective business strategies.

He said, “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.”

A statement said with earnings per share standing at N92.25, Transcorp Power has continued to deliver significant returns to its investors, reaffirming its position as a leading player in the power sector.

It added, “The Company, which was listed on the main board of the Nigerian Exchange on March 4, 2024, has continued to enjoy impressive market confidence.”

The statement said the Board of Directors had proposed a final dividend of N3.13 to shareholders.

“This dividend pay-out 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,” the statement added.