Transcorp Power declares N3.13 dividend

Newly-listed energy company, Transcorp Power, has announced a dividend of N3.13 per share.

In a statement accompanying its financial results filed with the Nigerian Exchange Limited, the second power company to be listed on the exchange said that its topline grew by 57.03 per cent and profit by 75 per cent.

Transcorp Power, which is one of the power subsidiaries of Nigeria’s leading listed conglomerate, Transnational Corporation Plc, reported gross earnings of N142.1bn for 2023, marking an increase of 57.30 per cent from N90.34bn in 2022.

Profit before tax showed similar growth, as it jumped by  84.61 per cent to N52.8bn, from N28.6bn.

Commenting on the results, Managing Director/Chief Executive Officer of Transcorp Power, Peter Ikenga, attributed the substantial growth to the company’s strong operational capabilities and effective business strategies.

 “We are proud of the significant progress we have made in delivering value to our shareholders and other stakeholders. This performance is a testament to the dedication and hard work of our team, as well as our focus on operational efficiency and ingenuity,” Ikenga stated.

With earnings per share standing at N92.25, Transcorp Power continues to deliver significant returns to its investors, reaffirming its position as a leading player in the power sector.

Transcorp was listed on the main board of the Nigerian Exchange Limited on March 4, 2024.

-By Oluwakemi Abimbola

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