Transcorp Power Slides Slightly Ahead of Dividend Payment
Nigeria’s top power generating company, Transcorp Power Plc, valuation was lowered slightly in the equities market last week ahead of dividend payment.
According to data from the Nigerian Exchange, the power generating company share price ended the just concluded week at N372.40 from N373.90.
This brought down the company’s stock market value to N2.793 trillion, spread over its 7.5 billion shares outstanding in the equities market.
Transcorp Power Plc market value had remained stagnant after rapid price appreciation seen after it listed in the market.
In its latest earnings releases, Transcorp Power grew its profit after tax by 233% to N32.77 billion in the first half of 2024 from N11.043 billion in the comparable period in 2023, following a sharp revenue growth.
Despite the earnings beat, share price failed to adjust even with its dividend payment plan. The power company board of directors announced N1.50 dividends to shareholders of the company.
The payment is expected to be made this week—August 16, 2024, to be precise, last week Tuesday being its qualification date. # Transcorp Power Slides Slightly Ahead of Dividend Payment
