Connect with us


FRESH: Transcorp Power Plc Releases Audited FY2023 Results; Grows Topline By 57.03% And Profit by 75%; Declares Dividend of N3.13.



FRESH: Transcorp Power Plc Releases Audited FY2023 Results; Grows Topline By 57.03% And Profit by 75%; Declares Dividend of N3.13…….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.

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 showed a 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, Peter Ikenga, Managing Director/CEO of Transcorp Power 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.

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 to shareholders. This dividend payout 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. In 2023, executing its strategy of value chain optimisation, Transcorp Group invested in the Abuja Electricity Distribution Company (AEDC) to ensure power gets to the last mile users safely and reliably.

Transcorp Power Plc is one of Nigeria’s principal power generation companies and an electricity generating subsidiary of Transnational Corporation Plc (“Transcorp Group”), a leading African listed conglomerate, with strategic investments in the power, hospitality, and energy sectors. Transcorp Power is committed to creating value, driving economic growth and ensuring social good, through access to plentiful and robust electricity supply.


Entertainment3 days ago

AGN President Officially Confirms Death of Junior Pope, Three Others People Missing

Entertainment3 days ago

Junior Pope Died Out of Carelessness as A Result of Boat Drivers Trying to Catch ‘Cruise’ On the Sea Resulting in The Crash Between Their Two Boat – Eye Witness

Entertainment2 days ago

Junior Pope: Faces of missing crew members who are still underwater emerges after his tragic death

Albums2 days ago

ALBUM: Future & Metro Boomin – We Still Don’t Trust You

Entertainment1 day ago

Jnr Pope’s wife reportedly on medical care after going unconscious

Albums2 days ago

ALBUM: Chris Brown – 11:11 (Deluxe)

Entertainment1 day ago

Late Junior Pope’s wife allegedly unconscious – VIDEO

Entertainment2 days ago

Junior Pope: Faces of missing crew members who are still underwater surface online after his tragic death

Hollywood Movies3 days ago

Watch Series: Fallout (2024) Season 1 Episode 7

Entertainment2 days ago

Actress Ruth Kadiri shares how Regina Daniels, her mom and others stayed till 3 am trying to save Junior Pope

Entertainment2 days ago

Please be careful” – Fans expresses concern as scary revelation about May Edochie trends

Naija Music3 days ago

MP3: Ruger Ft. Bnxn – POE

Nollywood Movies3 days ago

Watch Movie: Checklist (2021) – Nollywood Movie

Naija Music3 days ago

MP3: Adina Thembi – Emergency

Entertainment2 days ago

I sprayed Fanta, 10k naira into the river – Survivor, T.C. Okafor shares his miraculous escape, Jnr Pope’s last moments