“Instant Success”: Nigerian Billionaire's Power Firm Gains N180 Billion on First Day Trading on NGX
- Transcorp Power Plc has listed about 7.5 billion ordinary shares at 50 kobo on the Nigerian Exchange Limited
- The company opened its share trading at N240 per share and later rose to N254 per share, leading to an N180 billion gain
- Transcorp Power operates the 972 MW capacity Ughelli power plant in Delta state
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Legit.ng’s Pascal Oparada has reported Tech, Energy, Stocks, Investment and the Economy for over a decade.
Transcorp Power Plc, a subsidiary of Transnational Corporation Plc, listed about 7.5 billion ordinary shares of 50 kobo on the main board of the Nigerian Exchange Limited.
The company’s share price instantly rose 10% after the listing, adding N180 billion to its N1.8 trillion capitalisation.
Source: UGC
Transcorp Power shares race to the top
The company began listing at N240 per share and later rose to N264 at the end of trading.
BusinessDay quotes the Chairman of Transcorp Power, Emmanuel Nnorom, as saying that the listing was a strategic move by the firm to provide a platform for new investors to be admitted and diversify the existing shareholder base while positioning the company for access to a larger pool of capital raising options.
He spoke after the closing gong at NGX, stating that the power company was targeting an annual revenue of N500 billion by 2031 in line with its long-term plans and objectives.
Nnorom said.
“We aim to achieve this by diversifying our energy mix and making additional investments in the renewable energy space. Intensify our efforts around capacity recovery and further expansion within our plants.
“Additionally, we will deepen our footprint within Nigeria and West Africa while growing our market share.” This, he explained, would be attained by leveraging the company’s strong corporate governance and sustainability framework and partnership with key stakeholders.”
Transcorp Power operates the Ughelli plant
Per the Transcorp Power chairman, the company has shown a solid financial track record by raising revenues, rising from N55.9 billion to N142.2 billion in five years.
He said a surge in energy delivery, capacity charge, and expansion moves drives the company's passion.
The company operates the Ughelli Power Plant in Delta State, with an installed capacity of 972 MW.
Transcorp's profits surge to N34 billion
Previously, Legit.ng reported that Transnational Corporation of Nigeria (Transcorp) experienced a significant two-fold increase in net profit, reaching N34.1 billion during the 2023 fiscal year.
This was contained in the company's unaudited condensed consolidated and separate financial statements for the period ending on December 31, 2023.
The report, submitted to the Nigerian Exchange Group, highlighted the doubling of annual profits attributed to a notable rise in energy income.
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Source: Legit.ng
