Transcorp Power Plc, a subsidiary of Transnational Corporation Plc (Transcorp Group), has recorded gross earnings of N142.1 billion in 2023.
Transcorp Power said its gross earnings increased by 57.3 per cent when compared to the revenue recorded the previous year.
The company announced this at its 11th Annual General Meeting (AGM) held in Abuja on Monday, May 20, 2024.
It disclosed that its profit before tax showed an impressive year-on-year growth, up 84.4 per cent, from N28.6 billion reported in 2022 to N52.8 billion in 2023.
Speaking at the AGM, the Chairman of the Board, Emmanuel Nnorom, highlighted Transcorp Power’s achievements over the past year, while assuring shareholders of the company’s commitment to maintaining its exceptional financial results and improving the lives of Nigerians.
Nnorom said: “Last year’s strong performance is a testament to the resilience of our business strategies, underpinned by a culture of strong corporate governance.
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“We know that with our strategy and the dedication of our team, we will continue to deliver exceptional value to all stakeholders.”
Speaking on the company’s performance, the Managing Director/Chief Executive Officer of Transcorp Power, Peter Ikenga, stated that the company’s success was a result of the rigorous execution of strategies and deliberate focus on enhancing operational efficiency.
Ikenga said: “As we celebrate last year’s achievements, we remain committed to continuous improvement. This year, our strategic focus is on recovering plant available capacity, enhancing operational excellence and efficiency, and rigorously implementing our plant maintenance schedule.
“We will continue prioritising and investing in human capital, aiming to enhance in-house capabilities. Our commitment to incident and injury-free operations remains strong, as we leverage our talent, foster ingenuity, and nurture teamwork.
“We are determined to build on our successes and leverage strategic investment opportunities to deliver even greater performance and sustainable growth for our stakeholders.”
Shareholders at the AGM lauded the company’s professionalism and commitment to growing value for shareholders.
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