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Transcorp power declares N142bn profit from 2023 financial report

By Monsurudeen Olowoopejo

After a review of financial transactions, popular electricity firm, Transcorp Power, has declared that N142.1 billion was realized as revenue in the 2023 financial year, representing 57.3 per cent increment compared to the previous year which was less than N100 billion.

Aside from that, the firm report showed that N52.8 billion was realized as profit before tax, representing 84.4 percent for the year under review as against N28.6 billion reported in 2022.

Also, the company declared N23.46 billion as dividend for shareholders of the power firm inside the 2023 financial report.

The financial report was disclosed at the firm’s 11th Annual General Meeting (AGM) which was also the first after the company started listing its shares.

At the AGM, the Chairman of the Board, Emmanuel Nnorom, highlighted Transcorp Power’s achievements over the past year, while assuring shareholders of the Company’s commitment to maintaining its exceptional financial results and improving 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.”

Speaking on the Company’s performance, the Managing Director/Chief Executive Officer, Transcorp Power, Peter Ikenga, stated that the Company’s
success is as a result of the rigorous execution of our strategies and deliberate focus on enhancing operational efficiency.

“As we celebrate last year’s achievements, we remain committed to continuous improvement. This year, our strategic focus is on recovering plant available capacity, enhancing operational excellence and efficiency, and rigorously implementing our plant maintenance schedule. We will continue prioritizing and investing in human capital, aiming to enhance in-house capabilities.

“Our commitment to incident and injury-free operations remains strong, as we leverage our talent, foster ingenuity, and nurture teamwork. We are determined
to build on our successes and leverage strategic investment opportunities to deliver even greater performance and sustainable growth for our stakeholders.”

Shareholders at the AGM lauded the Company’s professionalism and commitment to growing value for shareholders. Bisi Bakare, one of the company’s shareholders, commended Transcorp Power for continuously 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.”

Transcorp Power’s social responsibility activities were also commended at the AGM. The Company has contributed to Nigeria’s sustainable development,
particularly in the areas of education, community development, and environmental sustainability.

Operationally, the Company’s focus on excellence and optimisation has contributed to its position as a market leader in the power sector. Through strategic investments and operational strategies, Transcorp Power continues to enhance its generation capacity and optimise plant performance.

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