By Abiola Olawale
Transcorp Power Plc, a Nigerian leading power generation company, on Monday declared a remarkable financial report, recording gross earnings of N142.1 billion in revenues.
The result represents a 57.3 per cent increase over that of the preceding year.
Also, the company’s Profit Before Tax (PBT) showed an impressive year-on-year growth, up 84.4 per cent, from N28.6 billion reported in 2022 to N52.8 billion in 2023.
The Board Chairman, Transcorp Power, Mr Emmanuel Nnorom, made this known at the company’s 11th Annual General Meeting (AGM) which was held in Abuja.
While highlighting Transcorp Power’s achievements in 2023, Nnorom also assured 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, of Transcorp Power, Peter Ikenga, stated that the Company’s success is a result of the rigorous execution of our strategies and deliberate focus on enhancing operational efficiency.
He said: “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. Mrs. 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 Plc is an electricity-generating subsidiary of Transnational Corporation Plc (Transcorp Group), a leading, listed African conglomerate with strategic investments in the power, hospitality, and energy sectors. Transcorp Power is committed to creating value and driving economic growth, by improving lives through access to electricity and transforming Africa.
