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Transcorp Power declares N23bn dividend

Transcorp Power Plc, a subsidiary of Transnational Corporation Plc. (Transcorp Group), has declared a dividend of N23.46 billion at 3.13kobo per share to its shareholders.

The company made the announcement in Abuja on Monday at the 11th Annual General Meeting (AGM), the first since the company went public, via a listing by introduction of its shares, on March 04, 2024. 

Similarly, the company recorded gross earnings of N142.1 billion, which is a 57.3% increase, compared to the previous year. Also, profit before tax improved year-on-year growth, by 84.4%, from N28.6 billion reported in 2022 to N52.8 billion in 2023. 

At the AGM, the chairman of the board, Mr 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 strategies and deliberate focus on enhancing operational efficiency. 

“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 prioritising and investing in human capital, aiming to enhance in-house capabilities,” he said.