Transcorp Power declares N23.46 billion dividend for shareholders

Transcorp

L-R Adim Jibunoh, Non-Executive Director; Risqua Muhammed, Non-Executive Director, Dr. Owen D. Omogiafo, OON, Non-Executive Director; Peter Ikenga, Managing Director/CEO; Emmanuel N. Nnorom, Chairman; Stanley Chikwendu, Company Secretary; Faith Tuedor-Matthews, OFR, Independent Non-Executive Director; Peter Hertog, Non-Executive Director; Charles Odita, Independent Non-Executive Director; and Vincent Ozoude, Non-Executive Director at the Annual General Meeting of Transcorp Power Plc held at Transcorp Hilton Abuja on Monday May 20, 2024.

Transcorp Power Plc, a subsidiary of Transnational Corporation Plc (Transcorp Group) has declared N23.46 billion dividends for its shareholders.

The company disclosed this at its concluded 11th Annual General Meeting (AGM) recently.

This is the first AGM 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.”

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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 the company’s 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,” Ikenga said.

“We are determined to build on our successes and leverage strategic investment opportunities to deliver even greater performance and sustainable growth for our stakeholders,” he added.

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.”

 

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