Transcorp Power’s Profit Jumps 75% To N30.23bn

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Transcorp Power Plc on Monday announced N30.23 billion profit in audited results and accounts for the full year ended December 31, 2023, a growth of 75 per cent from N17.28 billion reported in the 2022 financial year.

The second listed power generating company on the Nigerian Exchange Limited (NGX) also declared N52.76 billion profit before tax, an increase of 84 percent from N28.62 billion reported in 2022.

Against the backdrop of improved profits, the board of directors of Transcorp Power recommended an interim dividend of N23.46 billion (2022: N17.17 billion).

Key financial parameters that impacted on profit was 57 per cent growth in revenue to N142.12 billion in 202 from N90.35 billion reported in 2022.

Hitherto, the company in March listed 7.5 billion shares outstanding at N240.00 per share on the Exchange.

The MD/CEO, Transcorp Power, Engr. Peter Ikenga at the listings on NGX stated that the company presents a unique opportunity in Nigeria’s power generation sub-sector, which is pivotal to the country’s economic growth.

According to him, Transcorp Power is a leading thermal power generating company in Nigeria, accounting for seven percent of Nigeria’s power generation capacity, yet currently generates 10 percent of Nigeria’s power with existing assets, with the capacity to contribute further.

Ikenga noted the company’s solid operational track record, stressing that the quick up in available capacity to 701MW from 160MW in 2017 and consistent contribution to the national grid depicts plant reliability and efficiency.

He expressed further that Transcorp Power aims to be a leading power company with an annual revenue of over N500 billion by 2031, highlighting key pillars such as a diversified energy mix including renewables and off-grid solutions,  capacity recovery & plant expansion, increased footprint in international electricity markets and significant market share in Nigeria.

On key growth drivers, he added “We have executed firm contracts with several gas suppliers. The plan is to ensure we continuously engage our gas suppliers to ensure delivery of quality gas as well as identify alternative backup sources to continuously maintain our generation capacity.

“Extensive engagement with TCN towards resolving several transmission challenges which are affecting generation and evacuation capabilities.”