Transcorp Power Plc (Transcorp Power) has reported N453 billion profit before tax for the year ended Dec. 31, 2023.
Mr Stanley Chikwendu, Group Company Secretary, Transcorp Power, said this indicated a surge of 85 per cent, when compared with N439 billion reported in 2022.
Chikwendu stated this in the company’s audited financial statement for the year ended Dec. 31, 2023, sent to the Nigerian Exchange Ltd.(NGX) on Tuesday in Lagos.
He said 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.
Commenting on the result, Mr Peter Ikenga, Managing Director/Chief Executive Officer, Transcorp Power, 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.
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.
Ikenga said that Transcorp Power operates the 972 MW gas-fired Ughelli Power Plant.
He noted that in 2020, Transcorp Group acquired the 566 MW gas-fred Afam Power Plant, bringing its total installed capacity to approximately 2,000 MW.
The managing director said in 2023, executing its strategy of value chain optimisation, Transcorp Consortium invested in the Abuja Electricity Distribution Company (AEDC) to ensure power gets to the last mille users safely and reliably.
Transcorp Power Plc is an electricity generating subsidiary of Transnational Corporation Plc (Transcorp Group), one of Africa’s listed companies with strategic investments in the power, hospitality, and energy sectors.
With a total installed capacity of over 2,000 MW, Transcorp Group is committed to creating value and driving economic growth by improving lives through access to electricity and transforming Africa.