Transcorp Power Plc, a subsidiary of Transnational Corporation Plc (Transcorp Group), reported a 115% increase in revenue which enabled it to pay N33.2 billion to the Nigerian federal government.
In Transcorp’s latest audited results, submitted to the Nigerian Exchange (NGX) and seen by Energy in Africa, its revenue increased by 115%, from N142.1 billion in the 2023 fiscal year to N305.9 billion in the 2024 fiscal year, which made it pay its biggest tax yet to the Nigerian government.
In a statement, Transcorp Power said its gross profit grew by 89% from N75.4 billion in the 2023 fiscal year to N142.2 billion in the 2024 fiscal year.
As a result, its profit after tax surged by 165% from N30.2 billion in the 2023 fiscal year to N80 billion in the 2024 fiscal year.
Commenting on the company’s fiscal performance, the Chief Executive Officer of Transcorp Power, Peter Ikenga, attributed the results to “the Company’s strategic investments and a deliberate focus on enhancing operational efficiencies”.
Smiling to the bank
The Board of Directors Transcorp Power, in its commitment to shareholder value, has proposed a final dividend of N3.50k per ordinary share, which when combined with the Interim Dividend of N1.50k paid at half-year, brings the Total Dividend for the 2024 fiscal year to N5.00k per ordinary share.
“This dividend payout highlights the Company’s strong financial position and reaffirms its dedication to rewarding shareholders for their continued support and investment”, the statement reads.
The Chairman of Transcorp Power, Emmanuel N. Nnorom, said:
“Transcorp Power has become one of Nigeria’s most formidable power operators, committed to bridging the energy gap in the country and contributing to the nation’s economic growth. This financial performance reflects our unwavering commitment to our shareholders and stakeholders.”
What you should know about Transcorp
Transcorp Power, in partnership with Transafam Power Limited, contribute over 20% of Nigeria’s installed power capacity.
The company creates value across Nigeria and driving economic growth through power generation and distribution.
Transcorp Power Plc is a key player in Nigeria’s energy sector, operating the Ughelli Power Plant, a gas-fired thermal plant located in Delta State with an installed capacity of 972 megawatts (MW), as well as the 966 MW gas-fired Afam Power Plant, with total joint installed capacity of approximately 2,000 MW.
The plant was acquired by Transcorp Group in 2013 as part of Nigeria’s power sector privatization efforts.
Transcorp Power also operates the Abuja Distribution Company which provides power to Nigeria’s capital city.
