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Transcorp Power Plc grows PBT by 775% in Q1 2024

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Transcorp Power Plc (Transcorp Power), one of the electricity generating subsidiaries of Nigeria’s leading, listed conglomerate, Transnational Corporation Plc (Transcorp Group), has demonstrated impressive financial performance in its released Q1 2024 unaudited financial statements, for the period ended March 31, 2024.

The Company recorded N67.86 billion in gross earnings, compared to N21.04 billion reported in Q1 2023, reflecting a significant increase of 223 percent.

The strong performance is further demonstration of the Company’s strategic focus and effective execution, as part of Transcorp Group’s implementation of its integrated power strategy.

Commenting on the financial highlights, Evans Okpogoro, the Chief Financial Officer said, “The Q1 2024 results saw a gross margin of 51 percent, a cost to income ratio of 70 percent and net profit margin of 30 percent compared to Q1 2023 gross margin of 37 percent, cost to income ratio of 87 percent and net profit margin of 13 percent.

“This highlights the remarkable operational efficiency gains of the Company. Transcorp Power has continued to grow its revenue aggressively and consistently over the last five years.  We expect that by year end 2024, we will see a similar growth trajectory recorded between FY 2022 and FY 2023.”

Transcorp Power MD/CEO, Peter Ikenga, commented on the results, saying, “We are pleased to report further robust financial performance, despite sectoral challenges such as gas supply issues and macroeconomic challenges.  Our ability to sustain growth amidst this environment shows the resilience of our business model and the efficient execution of our strategic initiatives.

“We remain committed to leveraging our strengths to capitalise on emerging opportunities, drive sustainable growth and provide superior value to all our stakeholders.

“We will continue to prioritise ingenuity, operational excellence, corporate governance, and stakeholder engagement, to deliver superior value for our long-term growth,” he added.

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Dangote increases shareholders dividend by 50% to N30 per share

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Dangote Cement Plc has announced an increase of 50 per cent on dividend payout to the shareholders, from N20.00 per share paid in the 2022 financial year to N30.00 for the last financial year 2023.

This is as the Cement company achieved double-digit growth in revenue of ¦ 2,208.1 billion, while Group EBITDA (Earnings before Interest, Taxes, Depreciation and Amortisation) reached a record high of ¦ 886.1 billion, increasing by 25.1%.

Addressing shareholders at the 15th Annual General Meeting (AGM), Chairman of Dangote Cement Plc, Aliko Dangote said, ”This outstanding EBITDA performance was underpinned by our robust cost control measures and our diverse pan-Africa operations. The latter acted as a cushion, providing resilience to country-specific risks, while the former enhanced our overall profitability. Our pan-Africa operations now contribute 41.2% to the Group’s overall volumes,” he added.

Dangote pointed out,” We made significant strides in our expansion initiatives, with the successful launch of operations at our 0.45Mta grinding plant in Ghana, increasing our total installed capacity to 52.0Mta. Furthermore, our 1.5Mta grinding plant in Côte d’Ivoire is making substantial progress and is nearing completion. Lastly, we have commenced construction on our 6Mta Itori plant in Ogun State, a crucial step in supporting our ambitious export goals.”

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Senate confirms Agama as SEC DG

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The Senate Committee on Capital Markets has confirmed Emomotimi Agama as the Director-General of the Securities and Exchange Commission.

The committee approved the appointment of Frana Chukwuogor as SEC’s Executive Commissioner of Legal and Enforcement, Bola Ajomale as Executive Commissioner of Operations, and Samiya Usman as the Executive Commissioner of Corporate Services.

According to a statement from SEC made available to journalists, capital market stakeholders have welcomed Agama’s appointment, describing him as a technocrat poised to advance the Tinubu administration’s ambitious goal of achieving a $1 trillion economy.

On April 19, 2024, President Bola Tinubu appointed Agama to succeed Lamido Yuguda as the head of the SEC.

Upon his confirmation, he recommitted to accelerating the development of Nigeria’s capital market, to boost wealth creation, attract investments, and create jobs.

He noted the importance of innovation and development in changing the narrative of the capital market, stating, “We are bringing on board innovation, and development. We are going to change the narrative of the Nigerian capital market. We are going to turn it around.”

Agama added that the management’s goal was to ensure that the country’s capital market is mainstream and establish businesses that would rank top in the world.

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Stock market extends rally by 0.53%

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For the second time this week, Nigeria’s equities market increased on Tuesday by 0.53 percent as investors bought shares of Dangote Sugar Refinery, Nascon, PZ Cussons and Transcorp.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities market capitalisation increased further to 98,383.04 points and N55.653 trillion respectively as against preceding day’s lows of 97,863.34 points and N55.359 trillion.

Dangote Sugar rose most, from N39 to N42.90, adding N3.90 or 10 percent. It was followed by that of Nascon which increased from N33.90 to N37.25 adding N3.35 or 9.88 percent.

Morison also increased from N4.05 to N4.45, up by 40kobo or 9.88 percent, PZ Cussons rose from N19.80 to N21.70, up by N1.90 or 9.60 percent, while Transcorp increased from preceding trading day’s low of N10.50 to N11.40, up by 90kobo or 8.57 percent.

The market’s year-to-date return rose to 31.57 percent. In 7,990 deals, investors exchanged 559,608,966 shares worth N6.584billion.

“The market has traded in line with our expectations this week as bargain hunting remains the overarching theme; that said, we expect to see a subdued session with a negative tilt while market participants look out for attractive offers in the market,” according to Lagos-based Vetiva Research analysts.

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