How Transcorp Power Grew Revenue By 223% In Q1 2024

Transcorp Power Plc (Transcorp Power) on Friday announced revenue of N67.86 billion for the first quarter ended March 31, 2024.

The figure, when compared to N21.04 billion reported in the first quarter of 2023, reflects a significant increase of 223 per cent.

The electricity generating company revealed this in its unaudited financial report for the period ended March 31 and made available in Lagos.

Transcorp power said its Profit Before Tax(PBT) rose by 775 per cent, amounting to N28.77 billion in the first quarter of 2024, compared to N3.29 billion recorded in the corresponding period of 2023.

The firm’s Profit After Tax(PAT)grew by 665 per cent year-on-year to N20.1 billion in the first quarter 2024, as against N2.6 billion in the same period last year.

The electricity generating subsidiary total assets also advanced to N276.2 billion in the first quarter 2024, up from N223.3 billion in the corresponding period of 2023.

Commenting on the financial highlights, Mr Evans Okpogoro, the Chief Financial Officer, Transcorp Power, said the first quarter results of the current year, saw a gross margin of 51 per cent and a cost to income ratio of 70 per cent.

Okpogoro said the company also posted net profit margin of 30 per cent, compared to first quarter 2023, gross margin of 37 per cent, cost to income ratio of 87 per cent and net profit margin of 13 per cent.

He stated that this highlighted the remarkable operational efficiency gains of the company.

According to him, Transcorp Power has continued to grow its revenue aggressively and consistently over the last five years.

“We expect that by the end of the year 2024, we will see a similar growth trajectory recorded between 2022 and 2023 financial year.

Also, Mr Peter Ikenga, Managing Director/Chief Executive Officer(CEO), Transcorp Power, expressed the company’s delight to report further robust financial performance, despite sectoral challenges such as gas supply issues and macroeconomic challenges.

Ikenga said the ability of the electricity subsidiary to sustain growth amidst the environment shows the resilience of its business model and the efficient execution of its 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,” Ikenga said.

The managing director added that the strong performance is a demonstration of the company’s strategic focus and effective execution as part of Transcorp Group’s implementation of its integrated power strategy.

The News Agency of Nigeria (NAN) reports that 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. (NAN)

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