Transcorp Power Plc Reports N142bn revenue, N52.8bn PBT, declares N23.46bn dividend

Transcorp Power Plc, a subsidiary of Transnational Corporation Plc (Transcorp  Group), announced impressive financial performance at its recently concluded 11th Annual General Meeting (AGM), the first since the Company went public, via a listing by introduction of its shares, on March 04, 2024.

The Company recorded gross earnings of N142.1 billion, a 57.3% increase,  compared to the previous year. Profitability remained strong, demonstrating its resilience amidst evolving market dynamics. Profit before tax showed an impressive year-on-year growth, up 84.4%, from N28.6 billion reported in 2022 to N52.8 billion in 2023.

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 our strategies and deliberate focus on enhancing operational efficiency. 

“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.”