By Francis Ajuonuma
Transcorp Power Plc, a subsidiary of Transnational Corporation Plc (Transcorp Group), recorded an impressive performance in the 2023 financial year.
The Company recorded gross earnings of N142.1bn, a 57.3 per cent increase, compared to the previous year as profitability remains strong and demonstrates its resilience amidst evolving market dynamics.
Profit before tax showed impressive year-on-year growth, up 84.4 per cent, from N28.6bn reported in 2022 to N52.8bn in 2023 with the company declaring a dividend of N23.46bn.
Speaking at the company’s recently concluded 11th Annual General Meeting (AGM), the first since the Company went public, via a listing by the introduction of its shares, on March 4, 2024, the Chairman of the Board, Emmanuel Nnorom acknowledged Transcorp Power’s achievements over the past year and assured shareholders of the company’s commitment to maintain its exceptional financial results, as well as 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.”
Also commenting on the company’s performance, the Managing Director/Chief Executive Officer, Peter Ikenga, said the company’s success was due to the rigorous execution of 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, and enhancing operational excellence and efficiency. We are determined to build on our successes and leverage strategic investment opportunities to deliver even greater performance and sustainable growth for our stakeholders.”
Shareholders at the AGM lauded the Company’s professionalism and commitment to growing value for shareholders. Mrs Bisi Bakare, one of the company’s shareholders said, “I am very satisfied with Transcorp Power’s performance. It demonstrates their commitment to creating value for us shareholders, which is what we are all here for.”
