Transcorp Power Plc has released its first quarter (Q1) 2024 unaudited financial statements for the period ended March 31, 2024 demonstrating impressive financial performance.
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.
Transcorp Power Plc is an electricity generating subsidiary of Transnational Corporation Plc (Transcorp Group), one of Africa’s leading, listed companies, with strategic investments in the power, hospitality, and energy sectors.
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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.
Its Q1 2024 revenue of N67.86 billion represents 223 percent increase, compared to N21.04 billion in Q1 2023.
Profit before Tax rose by 775 percent, amounting to N28.77 billion in Q1 2024, compared to N3.29 billion in the same period last year.
Profit After Tax (PAT) grew by 665 percent year-on-year to N20.1 billion in Q1 2024, compared to N2.6 billion in the same period last year.
Total assets grew to N276.2 billion in Q1 2024, up from N223.3 billion in Q4 2023.
While commenting on the financial highlights, Evans Okpogoro, 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.”
Peter Ikenga, MD/CEO, Transcorp Power commented on the results, “We are pleased to report further robust financial performance, despite sectoral challenges such as gas supply issues and macroeconomic challenges.
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“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.
