Transcorp Power Posts 115% Pre-Tax Profit, To Pay Full Dividend of N37.5bn
AJAGBE ADEYEMI TESLIM
SPONSORED BY: H&H
Transcorp Power Plc, a Transcorp Group power business, hit significant milestones in its financial performance for the full year ended 2024, signalling further robust growth in revenue and profitability.
Nnorom
In the Company’s latest audited results, released to the Nigerian Exchange (NGX) on Thursday, Transcorp Power reported a 115% increase in revenue and 165% growth in Profit After Tax (PAT), demonstrating strong operational leadership and strategic execution.
Specifically, the company’s revenue growth increased by 115%, from N142.1 billion recorded at the end of the 2023 financial year to N305.9 billion in 2024. Gross profit also rose significantly by 89% from N75.4 billion in 2023 to N142.2 billion.
Its profit after tax surged by 165% to N80 billion in 2024, up from N30.2 billion recorded the previous year.
The financial results showed that following the complete repayment of its USD loan, the Company’s gearing ratio reduced significantly from 64.48% at the end of 2023 to 29.70% in 2024, indicating improved financial stability.
Return on assets increased from 13.53% in December 2023 to 20.17% in December 2024, while the company’s return on Equity grew from 52.25% in FY 2023 to 63.19% in FY 2024, demonstrating efficient income generation from equity.
Demonstrating its commitment to shareholder value, the Board of Directors has proposed a final dividend of N3.50k per ordinary share, which when combined with the Interim Dividend of N1.50k paid at half-year, brings the Total Dividend for the 2024 financial year to N5.00k per ordinary share. This dividend payout highlights the Company’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 Plc is an electricity generating subsidiary of Transnational Corporation Plc (Transcorp Group), a leading, listed African conglomerate.
Transcorp Power is committed to improving electricity supply in Nigeria and together with Transafam Power Limited contribute over 20% of Nigeria’s installed power capacity.
The Company is creating value across Nigeria and driving economic growth, demonstrating its mission to improve lives and transform Africa, as part of Transcorp Group’s integrated energy strategy.
Transcorp Group companies operate the 972 MW gas-fired Ughelli Power Plant and the 966 MW gas-fired Afam Power Plant, with total joint installed capacity of approximately 2,000 MW.
ASR Africa has commenced the construction of a N250 Million medical science laboratory for Crescent University, Abeokuta in Ogun State.
From Right: Mr. G. T. Ogunmefun (University Acting Bursar); Barr. A. M. Ajiobla, SAN (Proprietor); Prof. Ibraheem Gbajabiamila (Vice- Chancellor); Dr. Ubon Udoh (MD/CEO, ASR Africa); Barr. Z. A. Ajibola (Registrar) and Prof. M. K. Momodu (Dean, College of Law) at the ground breaking ceremony of the Medical Science Laboratory for Crescent University, Abeokuta.
August24news.com gathered that the laboratory will enhance the capacity of the institution in meeting the National Development Plans and Transformational Agenda (NDTA) of the Federal Government of Nigeria, whilst filling the gap created by laboratory scientists who have left the country recently.
Speaking at the ceremony, the Vice Chancellor of the University, Prof. Ibraheem Gbajabiamila, expressed gratitude for the institution’s nomination by ASR Africa under its Tertiary Education Grant Scheme (TEGs).
He applauded ASR Africa for the award of the grant and noted that the project is the university’s topmost priority, considering its drive to expand its College of Health Sciences programs.
In his response, the MD CEO of ASR Africa, Dr Ubon Udoh, commended the management of the university for their academic achievements and systematic growth which is evident by the addition of three new colleges recently.
These colleges include the College of Environmental Sciences (COES), Bola Ajibola College of Law (BACOLAW) and the College of Health Sciences (COHES). Dr Udoh reiterated the commitment of ASR Africa in ensuring a timely completion of the project.
The N250 Million grant will provide fixtures and fittings for the medical science laboratory which features a 300 sitting capacity auditorium, offices for Head of Departments and lecturers, lecture /seminar rooms.
It will also cater as laboratories facility for Medical Laboratory Science, Medical Biology, Hematology, Pharmacology/Therapeutics and Chemical Pathology.
The ASR Africa Tertiary Education Grant Scheme is targeted at supporting quality education within the tertiary education system in Nigeria and so far over 30 tertiary institutions in Nigeria have benefitted from this grant which ranges from N250 million to N 2 billion.
ABOUT ASR AFRICA The brainchild of African Industrialist, Philanthropist and Chairman of BUA Group, Abdul Samad Rabiu, the Abdul Samad Rabiu Africa Initiative (ASR Africa) was established in 2021 to provide sustainable, impact-based, homegrown solutions to developmental issues affecting Health, Education and Social Development within Africa.
Seplat Energy Clinches ‘Deal of the Year’ at New Telegraph Award
AJAGBE ADEYEMI TESLIM
SPONSORED BY: H&H
Seplat Energy Plc, a leading Nigerian energy company listed on both the Nigerian Exchange Limited and the London Stock Exchange, has clinched the ‘Deal of the Year’ Award at the recently held New Telegraph Newspaper Awards.
L-R: Stanley Opara, Manager Corporate Communications, Seplat Energy; Mr. Gbenga Omotoso, Lagos State Commissioner for Information & Strategy; and Adebowale Eboda, Associate General Counsel Corporate & Compliance, Seplat Energy at the New Telegraph Newspapers Awards where Seplat Energy clinched the ‘Deal of the Year Award’ in Lagos … on Friday.
Seplat Energy completed the deal on the acquisition of Mobil Producing Nigeria Unlimited – renamed Seplat Energy Producing Nigeria Unlimited (SEPNU) from ExxonMobil in December 2024.
The Award ceremony was not just a ceremony but a heartfelt tribute to outstanding organisations and individuals that have made significant contributions across various sectors, including governance, business, education, and technology. The event honoured those who have excelled in their fields and inspired others through their work.
In his remarks, the Managing Director/Editor-in-Chief of the New Telegraph Newspaper, Mr Ayodele Aminu, said: “Tonight, we celebrate not just achievements but the transformative power of love, dedication to work, those who have transcended expectations, those who have defied barriers and inspired digital growth and made extraordinary waves and impact in their various fields.”
“The true essence of these awards lies not in accolades or trophies, but in the enduring impact of each orgnanisation and individual’s contributions,” Aminu said, urging awardees to continue to push boundaries and inspire others for greater heights.
L-R: Stanley Opara, Manager Corporate Communications, Seplat Energy; Mr. Gbenga Omotoso, Lagos State Commissioner for Information & Strategy; and Adebowale Eboda, Associate General Counsel Corporate & Compliance, Seplat Energy at the New Telegraph Newspapers Awards where Seplat Energy clinched the ‘Deal of the Year Award’ in Lagos … on Friday.
The MPNU deal was transformative for Seplat Energy, with the capacity of more than doubling production and positioning the Company to drive growth and profitability, whilst contributing significantly to Nigeria’s future prosperity.
The completion of the acquisition has created Nigeria’s leading independent energy company, with the enlarged company having equity in 11 blocks (onshore and shallow water Nigeria); 48 producing oil and gas fields; 5 gas processing facilities; and 3 export terminals.
The acquisition of the entire issued share capital of MPNU adds the following assets to the Seplat Group: 40% operated interest in OML 67, 68, 70 and 104; 40% operated interest in the Qua Iboe export terminal and the Yoho FSO; 51% operated interest in the Bonny River Terminal (‘BRT’) NGL recovery plant; 9.6% participating interest in the Aneman-Kpono field; and approximately 1,000 staff and 500 contractors have transitioned to the Seplat Group.
This strongly connects to Seplat Energy’s mission of delivering value to all its stakeholders, and building a sustainable business that can deliver affordable, accessible and reliable energy for Nigeria.
Responding, Seplat Energy thanked the New Telegraphy Newspapers for its recognition whilst lauding the Newspaper’s commitment to excellence and professionalism. “At Seplat Energy we are proud of the contributions we can make to improving affordable energy access for Nigerians through the safe, responsible development of Nigeria’s oil and gas reserves,” it added.
A research Director of the National Agency for Science and Engineering Infrastructure (NASENI), Engr. Dr. Samuel Olugbenga O. Olusunle has been conferred with the prestigious Fellow of Nigerian Mining and Geosciences Society (FNMGS), one of the oldest professional bodies in the history of Nigeria.
NASENI Research Director, Engr. Dr Samuel Olugbenga O. Olusunle, FNMGS, (right) receiving the Conferment Award plaque and Certificate from Prof. Akinade Sadrach Olatunji, the President of the Nigerian Mining and Geosciences Society(NMGS)(left) during the Awards Night which took place at the Chida International Hotels Abuja on Wednesday 19 February 2025.
The Nigeria’s late sage, Pan Africanist and President during the First Nigerian Republic Dr. Nnamdi Azikiwe was the first patron of the Nigerian Mining and Geosciences Society.
The Society yesterday in Abuja concluded its 60th Annual International Conference and Exhibition (AICE), and it was time for the body to honour and recognize its members who had contributed tremendously not only to the growth and development of the Mining and Geosciences profession in the country, but the accomplishments of the honourees having direct bearing on the general socio-economic development of the country.
The event which was held between 16th to 19th February 2025 at the Chida International Hotel Abuja, came to a climax with Awards Night and recognition. Dr. Olusunle and 42 other members were honoured with the prestigious fellow category, which is the highest election attainable in society.
This conferment has added new appellation to Engr.Dr. Olusunle’s name as FNMGS. In 1977, the Nigerian Mining and Geosciences Society (NMGS) succeeded the Nigerian Mining Geological and Metallurgical Society (NMGMS) which was founded on 15th January 1961 and officially inaugurated on 17th December, 1962.
The society is an international professional organization. Its Objectives include: Advancement and practice of Mining, Earth sciences and Metallurgy, Acquisition, preservation and dissemination of mining geoscientific and metallurgical knowledge, publication of an interdisciplinary learned journal of Mining and Geology (JMG), the CRUST, periodicals and specialized books including annual books of abstracts and programmes of the society’s conferences and activities and upholding the ethics and safeguarding the interests of the professionals covered by the society.
The society also has statutory representation in the council of the Nigerian Mining Engineers and Geoscientists (COMEG) established by the Federal republic of Nigeria Decree No. 40 of 1990. The categories of membership are Fellow, Corporate, Graduate, Students, Affiliate, Institutional and Honorary fellow, the highest of all is the Fellow category.
When asked to speak on the significance of the society’s recognition to him and NASENI where he serves as Director Research, a highly elated Olusunle had this to say: “I give God the glory and I am really humbled to be elected FELLOW of NMGS. It should be noted that the mandate of NASENI and the core concerns of NMGS are knittingly related. NASENI has one of its institutes operating within the purview of solid minerals exploitation (SOMMEDI).
NASENI also under wonderful leadership of the EVC/CEO, Khalil S. Halilu, is actively involved in the CNG project of the Federal Government. These and other notable activities/intervention of NASENI are collaborative windows between the agency and NMGS”.
Before he became research director, Dr. Olusunle was former Managing Director, Engineering Materials Development Institute (EMDI) Akure, one of NASENI Development Institutes. Also, he is a FELLOW of the Nigeria Institute of Mechanical Engineers (NIMechE), the Materials Science and Technology Society of Nigeria (MSN), the Nigeria Society of Engineers (NSE), The Nigeria Institute of Management (NIM), The Nigerian Metallurgical Society (NMS)and many others.