Transcorp Power reports N142 billion revenue in 2023 as company assures of growth
By Jeffrey Agbo
Transcorp Power Plc, a subsidiary of Transnational Corporation Plc (Transcorp Group), announced its financial performance at its recently concluded 11th annual general meeting (AGM), the first since the company went public via a listing by introduction of its shares, on March 4, 2024.
The company recorded gross earnings of N142.1 billion, a 57.3% increase, compared to the previous year. Profitability remained strong, demonstrating its resilience amidst evolving market dynamics. Profit before tax showed an impressive year-on-year growth, up 84.4%, from N28.6 billion reported in 2022 to N52.8 billion in 2023.
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 of Transcorp Power, Peter Ikenga, stated that the success of the company is as a result of the rigorous execution of the management’s strategies and deliberate focus on enhancing operational efficiency.
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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.
Bisi Bakare, one of the company’s shareholders, commended Transcorp Power for continuously exceeding shareholders’ 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.