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Transcorp Power, a subsidiary of Transnational Corporation Plc (Transcorp Group), has recorded gross earnings of N142.1 billion in 2023, which is a significant 57.3% increase, compared to the previous year.
This impressive financial performance demonstrated the company’s resilience amidst evolving market dynamics.
Join our WhatsApp ChannelThe result was announced during Transcorp Power’s 11th Annual General Meeting (AGM), the first since the Company went public, via a listing by introduction of its shares, on 4 March 2024.
According to the financial report, Profit Before Tax (PBT) showed an impressive year-on-year growth, up 84.4%, from N28.6 billion reported in 2022 to N52.8 billion in 2023.
Speaking at the AGM, the Chairman of the Board, Mr. 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.
He said: “Last year’s strong performance is a testament to the resilience of our business strategies, underpinned by a culture of strong corporate governance. 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, Transcorp Power, Peter Ikenga, stated that the Company’s success is as a result of the rigorous execution of their strategies and deliberate focus on enhancing operational efficiency.
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“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 prioritizing 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. Mrs. Bisi Bakare, one of the company’s shareholders, commended Transcorp Power for continuously exceeding shareholder expectations. She said: “I am very satisfied with Transcorp Power’s performance. It demonstrates their commitment to creating value for us shareholders, which is what we are all here for.”
Transcorp Power’s social responsibility activities were also commended at the AGM. The Company has contributed to Nigeria’s sustainable development, particularly in the areas of education, community development, and environmental sustainability.
Operationally, the Company’s focus on excellence and optimisation has contributed to its position as a market leader in the power sector. Through strategic investments and operational strategies, Transcorp Power continues to enhance its generation capacity and optimise plant performance.
