Transcorp Power, a prominent player in Nigeria’s energy sector, has declared a dividend of N3.13 per share for its shareholders following a 57.03% growth recorded in the 2023 fiscal year.
In a statement released alongside its financial results filed with the Nigerian Exchange Limited, Transcorp Power attributed its stellar performance to a combination of strong operational capabilities and effective business strategies.
The company, a subsidiary of Transnational Corporation Plc, reported gross earnings of N142.1 billion for the year 2023, representing an increase from N90.34 billion recorded in the previous year.
Profit before tax mirrored this growth trajectory, increasing by 84.61% to N52.8 billion, compared to N28.6 billion in 2022.
This robust financial performance underscores Transcorp Power’s resilience and strategic acumen in navigating challenges within the energy sector.
Commenting on the results, Peter Ikenga, the Managing Director/Chief Executive Officer of Transcorp Power, expressed pride in the company’s achievements and highlighted the dedication of its team in delivering value to shareholders and stakeholders.
Ikenga said the company’s focus on operational efficiency and ingenuity are the key drivers behind its success.
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 Nigerian power sector.
The announcement of the dividend further solidifies the company’s commitment to rewarding its shareholders for their continued support and investment.
Transcorp Power’s listing on the main board of the Nigerian Exchange Limited on March 4, 2024, marked a significant milestone for the company, further enhancing its visibility and positioning within the market.
As it continues to chart a path of growth and sustainability, Transcorp Power remains poised to drive innovation and excellence in Nigeria’s energy landscape, bolstered by its strong financial performance and strategic foresight.