Three major Nigerian companies, Transcorp Power Plc, Cadbury Nigeria Plc, and Geregu Power Plc, have released their end-of-year reports, revealing a mix of financial outcomes for the year ended Dec. 31, 2023.
Transcorp Power Plc reported a significant surge in profit before tax (PBT), with Mr Stanley Chikwendu, Group Company Secretary, confirming a profit of N453 billion, marking an 85% increase compared to N439 billion in 2022. Chikwendu attributed the growth to the company’s strong operational capabilities and effective business strategies, stating, “We are proud of the significant progress we have made in delivering value to our shareholders and other stakeholders.” Transcorp Power also proposed a final dividend of N3.13 to its shareholders, reflecting the firm’s dedication to rewarding its investors.
However, Cadbury Nigeria Plc announced a loss of 3,374% for the year ended Dec. 31, 2023, recording a loss of N19.09 billion compared to N583.1 million in 2022. Mrs Fola Akande, Company Secretary, Cadbury Nigeria, acknowledged the decline in Profit After Tax (PAT) to N28.157 billion from N1.298 billion in 2022. Despite the loss, Cadbury Nigeria saw an increase in gross profit to N17.337 billion, indicating a 124% rise from the previous year.
In contrast, Geregu Power Plc approved a dividend of N8 per ordinary share of 50k each, totalling N20 billion. Mr Akinleye Olagbende, General Counsel, Geregu Power, announced this decision at the company’s 12th Annual General Meeting (AGM). Olagbende also revealed the appointment of Chief Olukunle Oyewole as an Independent Non-Executive Director and the re-election of Mr Anil Dua and Mr Doron Grupper as Independent Non-Executive Directors.
While Transcorp Power and Geregu Power demonstrated positive financial performances, Cadbury Nigeria faced challenges resulting in a substantial loss. These reports underscore the diverse financial landscape within Nigeria’s corporate sector.
