Transcorp Power grows earnings by 57% to N142.1bn

Transcorp Power, a subsidiary of Transnational Corporation plc (Transcorp Group), has posted N142.1 billion in gross earnings in 2023, representing a 57.30 percent increase from N90.34 billion reported in the 2022 financial year.

According to Peter Ikenga, managing director/CEO of Transcorp Power, who presented the 2023 audited financial statements in a webinar on Monday, the profit before tax showed similar year-on-year growth, surging by 84.61 percent to N52.8 billion, from N28.6 billion reported in the previous year.

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Ikenga attributed the 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.

“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,” Ikenga stated.

He explained that sustainability was at the forefront of Transcorp Power’s operations. He also said that the company’s aim was to increase its peak capacity from about 600MW to 740MW at the end of 2024.

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“Our goal is to maximise the amount of power generated; we can generate more power than we are doing now. But the DisCos are yet to receive the available power being generated.

“Hence the need for cross-border sales of power; what we export is the power that cannot be put on the grid,” he said.