Transcorp Power posts N453bn profit, shareholders get N3.13 dividend

Transcorp Power Plc (Transcorp Power) has reported N453 billion profit before tax for the year ended December 31, 2023.
The company also posted gross earnings of N4142.1 billion for the year under review, which shows 57.30 per cent increase, from N90.34 billion reported in the previous year.

Group Company Secretary, Mr. Stanley Chikwendu, said this indicated a surge of 85 per cent, when compared with N439 billion reported in 2022.

The company’s audited financial statement for the year ended December 31, 2023 was posted on the website of the Nigerian Exchange Ltd. (NGX) on Tuesday, April 2, 2024 in Lagos.

Managing Director/Chief Executive Officer of Transcorp Power, Mr Peter Ikenga, attributed the growth to the company’s strong operational capabilities and effective business strategies.

Ikenga said the performance was a testament to the dedication and hard work of the team, and its focus on operational efficiency and ingenuity.

“We are proud of the significant progress we have made in delivering value to our shareholders and other stakeholders.

“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 NGX on March 4 has continued to enjoy impressive market confidence in line with its commitment to shareholder value,” he said.

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The managing director said that the company’s Board of Directors had proposed a final dividend of N3.13 to its shareholders.

According to him, the dividend payout reflects the firm’s strong financial position and underscores its dedication to rewarding shareholders for their support and investment in the company

He said Transcorp Power continues to strengthen its position as a leading player in the power sector, with a focus on delivering reliable power solutions to meet the evolving needs of its customers and stakeholders.

This, he said, was in line with the company’s purpose of improving lives and transforming Africa.

Transcorp Power operates the 972 MW gas-fired Ughelli Power Plant.

In 2020, Transcorp Group acquired the 566 MW gas-fired Afam Power Plant, bringing its total installed capacity to approximately 2,000 MW.

The managing director company in 2023 through Transcorp Consortium invested in the Abuja Electricity Distribution Company (AEDC) to ensure power gets to the last mile users safely and reliably.

The Star