Business

Transcorp Power reports N142bn revenue, declares N23.46bn dividend

Published

2 years ago

Transcorp Power Plc, a subsidiary of Transnational Corporation Plc (Transcorp Group), announced impressive financial performance at its 11th Annual General Meeting (AGM), held on Monday in Abuja, the first since the company went public via a listing with the introduction of its shares on March 4, 2024.

The company recorded gross earnings of N142.1 billion, indicating a 57.3 per cent increase compared to the previous year, while profitability remained strong, demonstrating its resilience amidst evolving market dynamics.

Profit before tax showed impressive year-on-year growth, up 84.4 per cent 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.

Source: Nigeria Tribune