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 with gross earnings hit N142.1bn.
The Company reported gross earnings of N142.1 billion for the 12 months, marking a strong increase of 57.30%, from N90.34 billion reported in FY 2022. Profit before tax showeda similar impressive year-on-year growth, surging by 84.61% to N52.8 billion, from N28.6 billion reported in the previous year.
Commenting on the results, Managing Director/CEO of Transcorp Power PLC, Peter Ikenga, 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.
ALSO READS:
- Gas pipeline to Abuja Near Completion as NNPC Posts ₦535bn June Profit
- NNPC acquires 10% equity in Seplat JV for $281.6m
- NDPHC Leadership Visits Vice President Kashim Shettima, Felicitates Him on 2027 Re-Nomination
- NLNG Asset Base Hits Over $22.9bn – MD
- Sunbeth Energies Unveils Nigeria’s First Self-Service Fuel Station in Lagos
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 toshareholders.
The dividend payout, according to a statement, 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.
