Transcorp Power Records N142.1bn Gross Earnings In 2023, Signaling Robust Growth

Transcorp Power Plc, one of the power subsidiaries of Nigeria’s leading conglomerate, Transnational Corporation Plc (Transcorp), recorded gross earnings of N142.1 billion in FY 2023.

This reflects a significant increase of 57.3 per cent from N90.34 billion reported in FY 2022.

This was revealed in the company’s audited financial statements for the year ended December 31, 2023.

According to a press statement released by the company, its Profit Before Tax (PBT) showed a similar impressive year-on-year growth, soaring by 84.61 per cent to N52.8 billion, from N28.6 billion reported in the previous year.

Managing Director/CEO of Transcorp Power, Peter Ikenga, said the impressive performance as indicated in the financial result was a demonstration of the company’s strong operational capabilities and effective business strategies.

He said: “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.”

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Transcorp Power also had its earnings per share standing at N92.25, which enables it to continue delivering significant returns to 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.

The statement added that 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,” the statement added.

Transcorp Power operates a 972 Megawatts (MW) gas-fired Power Plant in Ughelli, Delta State, while non-quoted Transcorp Group subsidiary TransAfam Power operates a 966 MW gas-fired Afam Power Plant, with a total joint installed capacity of approximately 2,000 MW.

Transcorp Group invested in the Abuja Electricity Distribution Company (AEDC) in 2023 as part of its value chain optimization plan to guarantee that power reaches last-mile customers in a secure and dependable manner.