Transcorp Power Announces N3.13 Dividend, Sees 75% Surge in Profit
Transcorp Power Plc, a key subsidiary of Nigeria’s prominent conglomerate, Transnational Corporation Plc, has unveiled its audited financial statements for the fiscal year ending December 31, 2023.
The company recorded robust gross earnings of N142.1 billion over the 12-month period, marking a substantial increase of 57.30% compared to N90.34 billion reported in FY 2022. Likewise, profit before tax exhibited remarkable growth, soaring by 84.61% to N52.8 billion from the previous year’s N28.6 billion.
Peter Ikenga, Managing Director/CEO of Transcorp Power, credited the significant growth to the company’s robust operational capabilities and effective business strategies. “We are pleased with the remarkable progress we’ve achieved in delivering value to our shareholders and stakeholders. This performance underscores the dedication and hard work of our team, coupled with our commitment to operational efficiency and innovation,” Ikenga remarked.
With earnings per share reaching N92.25, Transcorp Power continues to provide substantial returns to its investors, solidifying its position as a key player in the power sector. Following its listing on the main board of the Nigerian Exchange on March 4, 2024, the company has enjoyed strong market confidence.
In line with its focus on shareholder value, the Board of Directors has proposed a final dividend of N3.13 to shareholders. This dividend payout reflects the company’s robust financial standing and underscores its commitment to rewarding shareholders for their continued support and investment.
Transcorp Group reaffirms its prominent role in the African power sector, prioritizing the delivery of reliable power solutions to meet the needs of customers and stakeholders, aligning with its mission of enhancing lives and transforming Africa. Transcorp Power operates the 972 MW gas-fired Ughelli Power Plant, while the non-quoted subsidiary, TransAfam Power, operates the 966 MW gas-fired Afam Power Plant, boasting a total joint installed capacity of approximately 2,000 MW. In 2023, as part of its value chain optimization strategy, Transcorp Group invested in the Abuja Electricity Distribution Company (AEDC) to ensure safe and reliable power supply to end-users.
Transcorp Power Plc stands as one of Nigeria’s leading power generation companies and an electricity generating arm of Transnational Corporation Plc (“Transcorp Group”), a prominent African conglomerate with strategic investments in the power, hospitality, and energy sectors. Committed to creating value, fostering economic growth, and promoting social welfare, Transcorp Power strives to ensure access to abundant and robust electricity supply.
