Transcorp Power’s N142bn gross earnings lead to N23.46bn dividend payout

Cynthia Ezekwe

Transcorp Power Plc, an electricity generating subsidiary of Transnational Corporation Plc (Transcorp Group) has recorded an increase of   N142.1 billion in its  gross earning 

 in the 2023 financial year, representing 57.3 per cent growth,  compared to N90.3 billion in 2022.  

The company’s operating profit also grew to N64.63 billion from N35.87 billion the previous year while Profit Before Tax (PBT) surged by 84.4 per cent to N52.8 billion compared to 28.6 billion in 2022.

Speaking at the company’s 11th Annual General Meeting (AGM), the first since it went public in March, Emmanuel Nnorom, chairman, Transcorp Power Plc, noted that  the shareholders approved N23.46 billion as dividends for the year under review, which translated to N3.13 kobo per share, while  commending  the company’s professionalism and commitment to growing value for shareholders.

Nnorom explained that the company’s  performance demonstrated the firm’s resilience amid evolving market dynamics, while assuring shareholders of the company’s commitment to maintaining its exceptional financial results as well as improving the lives of Nigerians.

“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,’’ the chairman said. 

“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 to invest in human capital 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 greater performance and sustainable growth for our stakeholders,’’ he added. 

Bisi Bakare, one of the company’s shareholders, expressed her delight over the company’s commitment  for continuously exceeding shareholder expectations. She said: “I am satisfied with Transcorp Power’s performance. It demonstrates their commitment to creating value for us shareholders, which is what we are all here for.”