• Tuesday, April 23, 2024
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Transcorp Power gains N180bn on debut trade after listing

Transcorp Power grows first quarter PBT by 775%

Transcorp Power Plc (TPP), a subsidiary of Transnational Corporation Plc (Transcorp) on Monday listed its 7.5 billion ordinary shares of 50 kobo on the Main Board of the Nigerian Exchange Limited (NGX).

The company share price rose by 10 percent after listing, adding N180billion to its N1.8trillion capitalisation. After its listing by introduction at N240 per share the company share price rose to N264.

Emmanuel Nnorom, chairman, Transcorp Power Plc said the Listing was a strategic move by the company to provide a platform for new investors to be admitted and to diversify existing shareholder base while positioning the Company for access to a larger pool of capital raising options.

Nnorom who spoke at the “Fact Behind the Listing” after the closing Gong also revealed that the Company was targeting an annual revenue in excess of N500 billion by 2031 in line with its long-term strategy and objective.

According to him, “We aim to achieve this by diversifying our energy mix, make additional investments in the renewable energy space. Intensify our efforts around capacity recovery and further expansion within our plants.

“Additionally, we are going to deepen our footprint not just within Nigeria, but across West Africa while growing our market share.” This he explained would be attained by leveraging the company’s strong corporate governance and sustainability framework and partnership with key stakeholders.”

He added that TPP has demonstrated a strong financial track record impressively raking up Revenues from N55.9 billion to N142.2 billion in five years (2019 – 2023)

This, according to him, is driven by a surge in energy delivery and capacity charge, coupled with our strategic expansionary moves.

Meanwhile, TPP operates the Ughelli Power Plant in Delta State, with an installed capacity of 972 Megawatts (MW)

Umaru Kwairanga, chairman of NGX speaking on the listing said it is a significant milestone for the company, the stock exchange and the investors, adding that the listing is a proof of the resilient innovation and excellence within Nigeria’s power sector.