Transcorp Power Grows Profit by 165% in 2024, Declares Dividend
Transcorp Power Plc grew profit by 165% year on year to N30.2 billion in financial year 2024, the company said in a regulatory filing on Thursday. According to the company’s audited results, revenue grew by 115% year on year to N305.9 billion in 2024 from N142.1 billion in the comparable period.
In an official statement, the company said its performance demonstrates strong operational leadership and strategic execution. For the year, the Board of Directors has proposed a final dividend of N3.50k per ordinary share. MarketForces Africa reported that Transcorp Power declared interim dividend of N1.50k paid at half-year.
This has increased the company’s total dividend for 2024 to N5.00k per ordinary share, highlighting Transcorp’s strong financial position and reaffirms its dedication to rewarding shareholders for their continued support and investment.
Commenting on the results, Emmanuel N. Nnorom, Chairman, Transcorp Power, emphasised the company’s focus on stakeholder value: “Transcorp Power has become one of Nigeria’s most formidable power operators, committed to bridging the energy gap in the country and contributing to the nation’s economic growth.
“This financial performance reflects our unwavering commitment to our shareholders and stakeholders. We remain steadfast in our pursuit of value creation and assure our investors of continued robust returns.
“I am proud of how our organisation faced and responded to a particularly challenging market and macroeconomic environment, and our future is bright.”
Speaking on the performance, the Chief Executive Officer, Transcorp Power, Peter Ikenga, attributed the results to the company’s strategic investments and a deliberate focus on enhancing operational efficiencies.
He said, “Transcorp Power is dedicated to financial discipline and delivering unparalleled value to our stakeholders. Since our public listing, we have maintained consistent growth across all financial metrics, aligning with our mission to deliver value. We are confident in our ability to sustain this trajectory of success.” #Transcorp Power Grows Profit by 165% in 2024, Declares Dividend Transcorp Power Grows Profit by 233%, Declares Interim Dividend
