Transcorp Power Plc, one of the electricity generating subsidiaries of Transnational Corporation Plc (Transcorp Group), has recorded profit before tax(PBT) of N28.77 billion in its first quarter (Q1), 2024.
The performance, a significant of 223 per cent increase from N21.04 billion reported in first quarter of 2023, is a further demonstration of the Company’s strategic focus and effective execution, as part of Transcorp Group’s implementation of its integrated power strategy in it Q1 unaudited financial statements released on the Nigerian Exchange.
Profit before tax rose by 775 per cent, amounting to N28.77 billion in Q1 2024, compared to N3.29 billion in the same period last year, while profit after tax grew by 665 per cent year-on-year to N20billion in Q1 2024, compared to N2.6 billion in the same period last year.
Total assets for the period under review 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 of Transcorp Power, Evans Okpogoro said: “the Q1 2024 results saw a gross margin of 51 per cent, a cost to income ratio of 70 per cent and net profit margin of 30 per cent compared to Q1 2023 gross margin of 37 per cent, cost to income ratio of 87 per cent and net profit margin of 13 per cent.
“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.”
Also, MD/CEO, Transcorp Power, Peter Ikenga, stated that, “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 said.
Transcorp Power 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.