Transcorp Power Plc to Distribute N23.5 Billion in Cash Dividends to Shareholders


Transcorp Power Plc, a prominent player in the power generation sector, has announced plans to distribute approximately N23.5 billion to shareholders as cash dividends. This decision marks the first audited report following the company’s listing, with shareholders set to receive a dividend per share of N3.13. The board of directors has opted to reinvest a significant portion of increased earnings into further investments.

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The audited report and accounts for the year ended December 31, 2023, revealed impressive financial performance for Transcorp Power. Turnover surged by 57.3%, reaching N142.1 billion compared to N90.34 billion in the previous year. Profit before tax saw a notable increase of 84.61%, rising to N52.8 billion from N28.6 billion in 2022. Earnings per share stood at N92.25 in 2023.

Managing Director of Transcorp Power Plc, Mr. Peter Ikenga, attributed the substantial growth to the company’s robust operational capabilities and effective business strategies. He expressed pride in the team’s dedication and hard work, emphasizing their focus on operational efficiency and ingenuity.

With earnings per share at N92.25, Transcorp Power continues to deliver significant returns to investors, solidifying its position as a leading player in the power sector. Since listing on the Nigerian Exchange main board in March 2024, the company has enjoyed strong market confidence.

Ikenga highlighted that the dividend payout underscores the company’s strong financial position and commitment to rewarding shareholders for their support. Transcorp Group, the parent company, remains a major player in the African power sector, focusing on delivering reliable power solutions to meet customer needs.

Operating the 972 MW gas-fired Ughelli Power Plant and the 966 MW gas-fired Afam Power Plant through its subsidiary TransAfam Power, Transcorp Group has a total joint installed capacity of approximately 2,000 MW. In 2023, the company invested in the Abuja Electricity Distribution Company (AEDC) as part of its strategy to optimize the value chain and ensure reliable power distribution.

Ikenga affirmed Transcorp Power’s commitment to creating value, driving economic growth, and ensuring social good through robust electricity supply. As a subsidiary of Transnational Corporation (Transcorp Group), a leading African conglomerate, Transcorp Power remains dedicated to advancing the energy sector and improving lives across Africa.

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Godwin Okafor
Godwin Okafor
Godwin Okafor is a veteran Financial Journalist, Internet Social Entrepreneur, and the visionary Founder of Naija247news Media Limited. With an extensive career spanning over 16 years in financial journalism, Godwin possesses a wealth of experience that seamlessly bridges both traditional and digital media landscapes. His journey in journalism commenced at Business Day, Nigeria, where he laid the foundation for his prolific career. In 2010, Godwin took a bold step by founding Naija247news Media, a platform that has since become a prominent player in delivering timely and accurate news. Educationally, Godwin Okafor holds a Bachelor's degree in Industrial Relations and Personnel Management from the prestigious Lagos State University, Ojo, Lagos. His commitment to continuous learning led him to the Lagos Business School, where he further honed his skills. Additionally, he is recognized as a Fellow of the University of Pennsylvania, having successfully completed the Wharton Seminar for Business Journalists. Throughout his illustrious career, Godwin has earned acclaim by winning numerous journalism awards, a testament to his dedication to excellence in reporting. Beyond his role as a Financial Journalist, Godwin Okafor wears the hat of the Chairman at Emmerich Resources Limited, the publishing entity behind Naija247news. His visionary leadership has played a pivotal role in shaping the media landscape and establishing Naija247news as a trusted source of information. Godwin Okafor's multifaceted expertise, commitment to journalistic integrity, and leadership in the realm of business journalism underscore his influential presence in both the media and entrepreneurial spheres.

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