Transcorp Power Plc, one of the subsidiaries of Transnational Corporation Plc in Nigeria’s power sector on Thursday announced a 223 percent increase in its gross revenue earnings for the first quarter of 2024.
Contained in the company’s Q1 2024 unaudited financial statements for the period ended March 31, 2024 shows an impressive financial performance over the period.
Details which showed the Company recorded N67.86 billion in gross earnings, compared to N21.04 billion reported in Q1 2023, is a further demonstration of its strategic focus and effective execution, as part of Transcorp Group’s implementation of its integrated power strategy.
Other highlights of the results showed the company’s Profit before Tax rose by 775 percent, from about N3.29 billion realized during the same period last year to N28.77 billion in Q1 2024.
Also, Profit after Tax grew by 665% year-on-year to N20.1 billion in Q1 2024, compared to N2.6 billion in the same period last year, while total assets grew to N276.2 billion in Q1 2024, up from N223.3 billion in Q4 2023.
Commenting on the financial highlights, the Chief Financial Officer, Evans Okpogoro, said, “The Q1 2024 results saw a gross margin of 51%, a cost to income ratio of 70% and net profit margin of 30% compared to Q1 2023 gross margin of 37%, cost to income ratio of 87% and net profit margin of 13%.
“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, said the company was 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.
