business
Transcorp Power Declares N37.5bn Dividend Amidst Unprecedented Growth
Transcorp Power Plc has reinforced its status as one of Nigeria’s top power operators by declaring a N37.5 billion dividend for the 2024 fiscal year.
This announcement follows a year of outstanding financial performance, demonstrating the company’s dedication to rewarding its shareholders while sustaining strong growth.
The company’s latest audited results, submitted to the Nigerian Exchange (NGX), showcase exceptional performance across key financial metrics. For the year ending December 31, 2024, Transcorp Power reported a profit after tax of N80.01 billion, a remarkable 165 per cent increase from the N30.23 billion recorded in 2023. This profit growth highlights the company’s strategic execution and operational efficiency in a dynamic market.
Transcorp Power’s revenue increased by 115 per cent, rising from N142.1 billion in 2023 to N305.9 billion in 2024. The company’s gross profit also saw significant growth, increasing by 89 per cent from N75.4 billion to N142.2 billion within the same period.
The company’s improved profitability resulted in a full-year dividend payout of N5.00 per ordinary share. This total dividend includes an interim dividend of N1.50 per share declared earlier in the year and a final dividend of N3.50 per share, reflecting Transcorp Power’s commitment to delivering consistent returns to its shareholders.
Chairman of the Board, Emmanuel Nnorom, emphasized the importance of this milestone, stating, “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.”
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Transcorp Power’s operational efficiency was further demonstrated by a significant reduction in its gearing ratio, which dropped from 64.48 per cent in 2023 to 29.70 per cent in 2024 following the complete repayment of its USD loan. This improved financial stability has enhanced the company’s capacity to reinvest in growth initiatives and strengthen its balance sheet. Additionally, return on equity increased from 52.25 per cent to 63.19 per cent, while return on assets rose from 13.53 per cent to 20.17 per cent, underscoring the company’s ability to generate value from its assets and investments.
Speaking on the company’s performance, Managing Director and CEO, Peter Ikenga, credited the results to deliberate strategic investments and a commitment to operational excellence. He stated: “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.”
