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By Chukwuma Umeorah
Transcorp Power Plc (Transpower), a subsidiary of Transcorp Group, has reported a 142 per cent increase in revenue, reaching N135.4 billion for the financial period ended June 30, 2024 from N55.9 billion in the same period last year.
The Group Company Secretary, Stanley Chikwendu in a statement filed on the Nigerian exchange Limited (NGX) revealed that it’s Profit before tax (PBT) also saw substantial growth, rising by 214 per cent to N50.9 billion. On the back of its strong half year performance, Transpower declared an interim dividend of N1.50 to its shareholders. It stated that the “The dividends will be paid electronically to shareholders whose names appear on the Register of Members as at Tuesday, August 6, 2024 and who have completed the e-dividend registration and mandated the Registrar to pay their dividends directly into their Bank accounts.”
The company’s total assets within the period grew by 45 per cent to N322.9 billion up from N223.3 billion while its shareholders funds increased 64 per cent to N94 billion up from N57.8 billion as of December 31 2023 boosted by retained earnings.
Transpower’s MD/CEO, Peter Ikenga, attributed the company’s H1 2024 outstanding performance to its strategic vision and commitment to operational excellence. He emphasized the company’s dedication to increasing its power generating capabilities to address Nigeria’s energy needs.
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“This positive performance across key indicators emphasizes our agility and ability to navigate complex market dynamics effectively. We recognize the criticality of power to unlocking the value in our dear country, Nigeria and we remain committed towards our goal of bridging the energy gap in our country.”
“We will continue to execute our maintenance program and make the necessary investments to increase our power generating capabilities,” he said.
On his part, Chairman, Board of Directors, Transpower, Emmanuel Nnorom, , noted the resilience demonstrated by the company and its ability to consistently deliver superior returns. He highlighted that the interim dividend of N1.50 per share signifies the company’s dedication to creating value for shareholders.
The power generation company in March 2024 listed 7.5 billion shares by introduction at N240.00 per share, amounting to N1.8 trillion on the main board of the NGX. Since listing, its market capitalization has risen to N2.8 trillion, affirming its position as a leader in the energy sector.
