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Transcorp Power Posts N142Bn Revenue, N52.8Bn PBT

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Transcorp Power Plc, a subsidiary of Transnational Corporation Plc (Transcorp Group), announced impressive financial performance at its recently concluded 11th Annual General Meeting (AGM), the first since the Company went public, via a listing by introduction of its shares, on Monday.

Transcorp Power Posts N142Bn Revenue, N52.8Bn PBT

L-R: Dr. Owen D. Omogiafo, OON, Non-Executive Director; Peter Ikenga, Managing Director/CEO; Emmanuel N. Nnorom, Chairman; Stanley Chikwendu, Company Secretary at the Annual General Meeting of Transcorp Power Plc held at Transcorp Hilton Abuja on Monday

 

The Company recorded gross earnings of N142.1 billion, a 57.3% increase, compared to the previous year.

Profitability remained strong, demonstrating its resilience amidst evolving market dynamics.

Profit before tax showed an impressive year-on-year growth, up 84.4%, from N28.6 billion reported in 2022 to N52.8 billion in 2023.

At the AGM, Mr. Emmanuel Nnorom, chairman of the Board, highlighted Transcorp Power’s achievements over the past year, while assuring shareholders of the Company’s commitment to maintaining its exceptional financial results and improving the lives of Nigerians.

He said: “Last year’s strong performance is a testament to the resilience of our business strategies, underpinned by a culture of strong corporate governance.  We know that with our strategy and the dedication of our team, we will continue to deliver exceptional value to all stakeholders.”

Speaking on the Company’s performance, Peter Ikenga, managing director/chief executive officer, Transcorp Power, stated that the Company’s success is as a result of the rigorous execution of our strategies and deliberate focus on enhancing operational efficiency.

“As we celebrate last year’s achievements, we remain committed to continuous improvement. This year, our strategic focus is on recovering plant available capacity, enhancing operational excellence and efficiency, and rigorously implementing our plant maintenance schedule. We will continue prioritizing and investing in human capital, aiming to enhance in-house capabilities.  Our commitment to incident and injury-free operations remains strong, as we leverage our talent, foster ingenuity, and nurture teamwork. We are determined to build on our successes and leverage strategic investment opportunities to deliver even greater performance and sustainable growth for our stakeholders.”

Shareholders at the AGM lauded the Company’s professionalism and commitment to growing value for shareholders.

Mrs. Bisi Bakare, one of the company’s shareholders, commended Transcorp Power for continuously exceeding shareholder expectations.

She said: “I am very satisfied with Transcorp Power’s performance. It demonstrates their commitment to creating value for us shareholders, which is what we are all here for.”

Transcorp Power’s social responsibility activities were also commended at the AGM.  The Company has contributed to Nigeria’s sustainable development, particularly in the areas of education, community development, and environmental sustainability.

Operationally, the Company’s focus on excellence and optimisation has contributed to its position as a market leader in the power sector.

Through strategic investments and operational strategies, Transcorp Power continues to enhance its generation capacity and optimise plant performance.

Transcorp Power Plc is an electricity generating subsidiary of Transnational Corporation Plc (Transcorp Group), a leading, listed African conglomerate with strategic investments in the power, hospitality, and energy sectors.

Transcorp Power is committed to creating value and driving economic growth, by improving lives through access to electricity and transforming Africa.

 

 

 

 

 

 

 


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Court Dismisses Base Stations Lawsuit Against ATC, MTN

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ATC Nigeria, a subsidiary of American Tower Corporation, and MTN Nigeria scored a major victory in court last week over constructing or operating base transceiver stations “within close proximity” to stations owned by IHS Towers Nigeria.

The lawsuit against the two had been filed by non-profit organisation, Human and Environmental Development Agenda (HEDA) Resource Centre, in November 2023.

Additionally, HEDA also filed a contempt of court case against ATC Nigeria’s CEO, Errol Ambler-Smith, seeking his arrest, which HEDA later withdrew.

ATC Nigeria announced that on Friday, June 21, 2024, the court struck out HEDA’s suit against ATC Nigeria and MTN Nigeria on the grounds that it was speculative and failed to disclose any reasonable cause of action.

American Tower said it has “always been and remains committed to upholding” the highest standards of legal compliance and operational integrity in all its activities.

“We are pleased that the court recognised the speculative nature of HEDA’s lawsuit, and we are hopeful that this outcome will send a message to other similar potential speculative lawsuits. We appreciate the support and understanding of all our stakeholders as we continue to invest in, and provide critical infrastructure for, Nigeria’s telecommunications industry,” ATC Nigeria said in a statement.


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Airtel Boosts Sickle Cell Awareness with CrimsonBow Initiative Collaboration

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In commemoration of this year’s World Sickle Cell Day, Airtel Nigeria partnered with the CrimsonBow Sickle Cell Initiative to host a well-attended sickle cell awareness and clinic over the weekend, at Dansol Primary School, Ikeja, Lagos.

The event which aimed at improving sickle cell education and supporting individuals living with sickle cell disease, featured free counselling for sickle cell patients, free medical testing, drug dispensing, and sensitization sessions to educate the public about the sickle cell disease.

Through the partnership, much-needed support and resources were provided to affected individuals while promoting early detection and proper management of the condition.

Commenting on the involvement of Airtel in the program, Chief Commercial Officer, Airtel Nigeria, Femi Oshinlaja, emphasized Airtel’s dedication to good health as part of the telecommunication company’s Corporate Social Responsibility (CSR) goals.

“We are proud to partner with CrimsonBow Sickle Cell Initiative in this important endeavour, as it reflects our commitment to corporate social responsibility and improving community health outcomes. The goal of this partnership is to provide crucial support to individuals living with sickle cell disease and to help raise awareness about the condition.

“Through this partnership, we strongly hope to make a positive impact on the lives of those affected,” he said.

Speaking at the event, Founder and Chief Executive Officer, CrimsonBow Sickle Cell Initiative, Timi Edwin, expressed gratitude to Airtel. In her remarks, “This partnership with Airtel Nigeria allows us to extend our reach and provide essential services to more individuals living with sickle cell disease. We appreciate Airtel Nigeria for their support in making this event possible.”

Airtel Nigeria has continued to reinforce its position as an organization committed to the well-being of the society through various corporate social responsibility initiatives.

Asides initiative partnerships like this to combat the challenges faced by individuals living with sickle cell disease, they continue to make strides under several CSR initiatives, contributing to the overall effort to enhance the general wellness of Nigerians.

 


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Tinubu appoints Tunji Bello as CEO of FCCPC

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President Bola Tinubu has appointed Olatunji Bello as the new Chief Executive Officer/Executive Vice-Chairman of the Federal Competition and Consumer Protection Commission

The Special Adviser to the President on Media and Publicity, Ajuri Ngelale, who disclosed this in a statement on Monday, noted that the appointment is pending confirmation by the Senate.

He said that the President expects that the new Chief Executive Officer of this important agency will ensure the holistic realization of the Commission’s mandate of protecting and promoting the interest and welfare of Nigerian consumers and ensuring the adoption of measures to guarantee the safety and quality of goods and services.

Bello, who is a lawyer, administrator, and renowned journalist, is the former secretary to the Lagos State Government and holds a Master’s degree in International Law and Diplomacy from the University of Lagos.

“He studied Law at the same university and was called to the Nigerian Bar in 2002,” the statement read.

“Bello began his career in journalism at the Concord Newspapers in 1985 and held the positions of Group Political Editor; Sunday Concord Editor, and Editor, National Concord.

“He is a winner of the US Alfred Friendly Press Fellowship and was appointed the Chairman, Editorial Board of THISDAY Newspapers in 2001.

“He also served as Commissioner for Environment under various administrations in Lagos State.


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