Transcorp Power Reveals 18% of Income from West African Countries, Lists 7.5 Billion Shares on NGX
Transcorp Power, a prominent gas-fired power generation firm in Nigeria, has taken a significant stride by listing its shares on the Nigerian Exchange (NGX), thereby opening up ownership to the public. This move has sparked considerable investor interest, propelling the company’s value from an initial N1.8 trillion to N1.98 trillion.
By offering 7.5 billion ordinary shares at N240 per share, Transcorp Power witnessed a remarkable 10% daily gain in its stock, closing at N264 per share. This surge resulted in a net gain of N180 billion upon listing, with a trading volume of 40 million shares valued at N10.56 billion, underscoring investor enthusiasm.
Investors also displayed strong interest in Transcorp Power’s parent company, Transnational Corporation (Transcorp) Plc, as its shares surged by 9.94%.
With ambitious plans for annual revenue growth exceeding N500 billion by 2031, Transcorp Power aims to supply power to a significant portion of Nigeria’s households and industries.
Speaking at the listing ceremony in Lagos, Managing Director Mr. Peter Ikenga emphasized the company’s transition from a government-owned entity to a private-sector-led organization. He highlighted Transcorp Power’s transformative potential in Nigeria’s power generation landscape, which is crucial for economic growth.
Ikenga detailed the company’s robust infrastructure, which includes 18 gas turbines across three major sections: Delta II, Delta III, and Delta IV. Despite consistent improvements in capacity utilization, Transcorp Power ensures optimal performance through maintenance and upgrading programs.
Financially, the company has experienced impressive revenue growth over the past five years, driven by increased energy delivery and capacity charges. International markets also play a significant role, contributing approximately 18% of the company’s turnover in 2023.
Chairman of NGX Group Plc, Umaru Kwairanga, lauded the listing as a milestone, highlighting the evolution of Transcorp Power and Nigeria’s energy sector. Kwairanga underscored NGX’s commitment to supporting economic growth and development.
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NGX’s Acting CEO, Mr. Jude Chiemeka, reiterated the exchange’s role in facilitating economic development, particularly through supporting government privatization efforts within the energy sector.
Established in 2012 as Transcorp Ughelli Power Limited (TUPL), Transcorp Power operates the Ughelli Power Plant in Delta State. In 2023, it became the first power generation company discharged from post-privatization monitoring, demonstrating operational excellence.
The company’s conversion to a public limited liability company in December last year marked a significant step forward, reflecting its commitment to transparency and growth in the Nigerian power sector.
