Power Firm Tied to Tony Elumelu Records over $100M Revenue in 2023

Transcorp Power, the energy arm of Nigerian conglomerate Transnational Corporation of Nigeria Plc (Transcorp), led by businessman Tony Elumelu, achieved $100 million in revenue at the end of its 2023 fiscal year, cementing its position as one of Nigeria’s top power producers.

The company’s recently issued annual reports show a 57.3 percent increase in sales, from N90.35 billion ($69.17 million) in 2022 to N142.12 billion ($108.8 million) in 2023. This growth is due to solid performance across all business units.

Revenue from energy delivered climbed from N58.26 billion ($44.6 million) in 2022 to N95.03 billion ($72.8 million) in 2023, while capacity charges increased from N32.06 billion ($24.55 million) to N47.07 billion ($36.04 million) during the same time period.

The company’s revenue increased by 74.9 percent, resulting in a profit of N30.23 billion ($23.15 million) at the end of fiscal 2023, up from N17.28 billion ($13.23 million) the previous year. This remarkable profit increase strengthens Transcorp Power’s position as a market leader in Nigeria’s electricity sector.

Transcorp Power’s rise in the Nigerian energy market began in 2013, when Transnational Corporation of Nigeria Plc, led by Elumelu, acquired the Ughelli Power Plant.

The acquisition of the Afam Power Plant in 2020 strengthened the company’s position in the power supply chain even more.

Transcorp Power, with an installed capacity of about 2,000 MW, is a significant provider to Nigeria’s electrical grid, accounting for 15.5% of the total installed capacity.

Transcorp Power’s strong financial success in 2023 is reflected in its total assets, which rose from N168.2 billion ($128.75 million) on December 31, 2022 to N223.39 billion ($171 million) on December 31, 2023. Retained earnings increased from N2.95 billion ($2.25 million) to N9.73 billion ($7.4 million).

Following this result, the board of directors proposed an interim dividend of N23.46 billion ($18 million), subject to shareholder approval at the company’s upcoming Annual General Meeting (AGM).

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