News

Transcorp Power Reports Gross Earnings Of N142.1bn

Published

5 months ago

April 6, 2024

Transcorp Power Plc, a subsidiary of Nigeria’s prominent conglomerate, Transnational Corporation Plc, has published its audited financial statements for the fiscal year ending on December 31, 2023.

The company disclosed a robust increase in gross earnings, reaching N142.1 billion over the 12-month period, marking a significant rise of 57.30 percent from N90.34 billion recorded in the preceding financial year. Similarly, the profit before tax witnessed a notable year-on-year growth, soaring by 84.61 percent to N52.8 billion, compared to N28.6 billion reported in the previous year.

Peter Ikenga, the Managing Director/CEO of Transcorp Power, attributed this substantial growth to the company’s strong operational capabilities and effective business strategies, expressing pride in the team’s dedication and hard work.

With earnings per share amounting to N92.25, Transcorp Power continues to deliver substantial returns to its investors, reinforcing its position as a leading entity in the power sector. The company’s listing on the main board of the Nigerian Exchange on March 4, 2024, has further bolstered market confidence.

In line with its commitment to enhancing shareholder value, the Board of Directors has recommended a final dividend payout of N3.13 to shareholders. This dividend proposal underscores the company’s robust financial standing and commitment to rewarding shareholders for their continued support and investment.

Transcorp Group maintains its prominent role in the African power sector, focusing on providing reliable power solutions to meet the needs of its customers and stakeholders, aligning with its mission of enhancing lives and transforming Africa. Transcorp Power operates the 972 MW gas-fired Ughelli Power Plant, while its subsidiary, TransAfam Power, manages the 966 MW gas-fired Afam Power Plant, collectively contributing to a joint installed capacity of approximately 2,000 MW. In 2023, as part of its value chain optimization strategy, Transcorp Group invested in the Abuja Electricity Distribution Company (AEDC) to ensure the safe and reliable distribution of power to end-users.

News

We’ll be forced to export 97% of our petrol – Dangote Refinery warns

Published

4 days ago

September 12, 2024

ARS NEWS

Dangote Refinery has announced that it will need to export 95-97 percent of its Premium Motor Spirit (petrol) due to low interest from Nigerian marketers. The refinery, which processes 650,000 barrels per day, revealed that only 3 to 5 percent of petrol marketers are purchasing its fuel.

Devakumar Edwin, Vice President of Oil and Gas at Dangote Industries Limited, shared these details during an X Space session hosted by Nairametrics on Wednesday. He highlighted the challenges facing both the Dangote Refinery and Nigeria’s oil and gas sector.

Edwin explained, “I’m selling 2 to 3 percent to small traders who are willing to buy, while the remaining 95 to 97 percent has to be exported,” referring to the local sales of the refinery’s products.

This situation arises as the NNPCL’s deadline for adjusting the Dangote Refinery’s fuel distribution approaches without a clear plan in sight. It is worth noting that while Aliko Dangote, President of Dangote Group, has announced the refinery’s initial petrol rollout, its distribution to marketers is contingent upon NNPCL’s decisions.

News

FIFA U-20 Women’s World Cup: Round of 16 fixtures confirmed [Full list]

Published

1 week ago

September 9, 2024

ARS NEWS

The final sixteen teams for the 2024 FIFA U-20 Women’s World Cup in Colombia have been determined following the conclusion of the group stage.

In recent matches, Ghana triumphed over New Zealand with a score of 3-1, and Japan secured a 2-0 victory against Austria.

As a result, Japan has advanced to the Round of 16, joining the other 15 teams in this knockout stage.

The Round of 16 matches are scheduled for Wednesday, Thursday, and Friday.

The full lineup for the Round of 16 is as follows:

Spain vs Canada
Brazil vs Cameroon
Colombia vs South Korea
Mexico vs USA
North Korea vs Austria
Germany vs Argentina
Netherlands vs France
Japan vs Nigeria

News

Nigerian Army debunks reported mass resignation of soldiers

Published

1 week ago

September 9, 2024

ARS NEWS

The Nigerian Army has refuted claims of widespread resignations among its soldiers due to issues like corruption and low morale.

In a statement, Major General Onyema Nwachukwu, Director of Army Public Relations, dismissed these reports as unfounded.

A news outlet had alleged that numerous Nigerian soldiers were resigning because of corruption and low morale. However, the statement condemned these allegations as misleading and a deliberate attempt to create discontent and undermine the Nigerian Army’s reputation and the dedication of its personnel.

Major General Nwachukwu clarified that, similar to other military organizations worldwide, service in the Nigerian Army is voluntary rather than mandatory. This means that personnel have the freedom to resign following established procedures.

He explained that the resignation process allows personnel to prepare and manage their entitlements, including pensions and gratuities, as outlined in the Harmonized Terms and Conditions of Service (Officers/Soldiers).

Contrary to the report’s implications, the statement emphasized that Nigerian Army personnel are highly motivated, and their welfare is a priority under the leadership of Chief of Army Staff, Lieutenant General Taoreed Lagbaja.