Transcorp Power’s FY 2023 gross earnings up 57.30% to N142bn

Business a.m.

Transcorp Power Plc, one of the power subsidiaries of Nigeria’s leading listed conglomerate Transnational Corporation Plc, recorded gross earnings of N142.1 billion for the full year 2023, indicating a significant increase of 57.30 per cent compared to the same period in 2022, when the company reported gross earnings of N90.34 billion.

Transcorp Power’s audited financial statements for the year ended December 31, 2023, also showed a notable increase in Profit before tax (PBT). The company’s PBT grew by 84.61 per cent year-on-year, from N28.6 billion in 2022 to N52.8 billion in 2023. 

The company’s  earnings per share (EPS) stood at an impressive N92.25 for the year, reaffirming the company’s position as a leading player in the power sector and a strong choice for investors. Since the company’s listing on the Nigerian Exchange’s main board on March 4, 2024, it has enjoyed a positive reception from the market, with its share price appreciating significantly. 

The board of Transcorp Power proposed a final dividend of N3.13 per share,reflecting the company’s robust financial position and commitment to delivering value to its shareholders. This payout, according to the company, is a testament to its dedication to rewarding shareholders for their continued support and investment in the company. 

Peter Ikenga, managing director/CEO of Transcorp Power, attributed Transcorp Power’s financial performance to its robust operational capabilities and effective business strategies. 

Commenting on the financials, he said: “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.”

Transcorp Power Plc is the majority shareholder of Ughelli Power, which operates the 972 MW gas-fired Ughelli Power Plant in Delta State, Nigeria. Transcorp Group’s non-quoted subsidiary, TransAfam Power, operates the 966 MW gas-fired Afam Power Plant in Rivers State, Nigeria. Together, these two power plants have a combined installed capacity of over 2,000 MW, making them significant contributors to Nigeria’s power generation capacity.

Transcorp Group says it  is committed to being a leading player in the African power sector, focused on delivering reliable and efficient power solutions that meet the needs of its customers and stakeholders. The company’s strategy of value chain optimisation has led to significant investments, including the acquisition of a majority stake in the Abuja Electricity Distribution Company (AEDC).