Transcorp Power Plc Generates N142.1 Billion in 2023 FY

Transcorp Power Plc revealed on Monday this week that its 2023 financial year's revenue increased from N142.1 billion to N90.3 billion, 57.3% from the corresponding year, which finished at N90.3 billion in 2022.

Transcorp Power's Profit Before Tax (PBT) increased by 84.4% to N52.8 billion from the corresponding year, which finished at N28.6 billion in 2022, while the company's operating profit rose to N64.63 billion from N35.87 billion the year before.

The company also announced that, in addition to its present 650 megawatts of power generation capacity, it intended to increase it to an additional 250 megawatts by December.

Speaking at Transcorp Power Plc's 11th Annual General Meeting (AGM), which is said to be the first since the company went public in March, Chairman Mr. Emmanuel Nnorom, the head, stated that the results showed the company's resilience in the face of shifting market dynamics.

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The company's shareholders also praised its professionalism and dedication to increasing shareholder value. They approved N23.46 billion in dividends for the year under review or N3.13 kobo per share. 

Nnorom emphasised the company's achievements from the previous year and gave investors confidence that it would continue to maintain its outstanding financial performance and improve 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.”

Mr. Peter Ikenga, Managing Director/Chief Executive of Transcorp Power, also attributed the company's success to the methodical implementation of its strategies and conscious focus on improving operational efficiency.

He said the company’s focus was to ensure that all the power generated in the plant is evacuated, pointing out that it is working with the Transmission Company of Nigeria (TCN) in this regard.

He said, “We will continue to work with all the stakeholders within the power value chain to improve the power supply to all Nigerians. Today is our first AGM since we listed on the floor of the NGX, and it’s truly an exciting day for us, and we are very happy. You were in the hall, and you heard the commendations from shareholders; their support was quite encouraging, and their energy was palpable.

“My team and I are poised to do greater things than the things we achieved in 2023. And so, to our shareholders, the trajectory you see over the past five years – consistent growth in revenues, profitability – we will continue to sustain that trajectory and even surpass last year’s performance.”

He added, “We already have programs in place and are recovering additional capacity. By the end of this month, we hope to add an additional 125 megawatts to our existing capacity, and by the end of the year, we hope to add another 125 megawatts to make it a total of 250 megawatts.

“The investments are already ongoing and the execution is ongoing. We have our team working day and night to make sure we meet the objectives we’ve set for ourselves in 2024.”

However, Transcorp Power received special praise from one of the company's shareholders, Mrs. Bisi Bakare, for consistently exceeding shareholder expectations.

She 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.”

The company’s social responsibility activities were also commended at the AGM. They have contributed to the country’s sustainable development, particularly in education, community development, and environmental sustainability.