| Board members. |
Transcorp
Power Plc, a subsidiary of Transnational Corporation Plc (Transcorp Group),
announced impressive 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 04, 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, 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 our 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. 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’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.
Operationally,
the Company’s focus on excellence and optimisation has contributed to its
position as a market leader in the power sector. Through strategic investments
and operational strategies, Transcorp Power continues to enhance its generation
capacity and optimise plant performance.
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.
www.transcorppower.com