Transcorp Power recorded 775% profit in Q1

Transcorp Power Plc (Transcorp Power) has announced a 775 per cent Profit Before Tax (PBT) in the first quarter of 2024 with profit rising from N3.29 billion in Q1 2024 to N28.77 billion in Q1 2024.

The company, in a statement, said that its Q1 2024 unaudited financial statements for the period ended March 31, 2024, showed the company recorded N67.86bn in gross earnings compared to N21.04bn reported in Q1 2023, reflecting a significant increase of 223 per cent.

It said its total assets grew to N276.2bn in Q1 2024, up from N223.3bn in Q4 2023.

It noted that its strong performance was further demonstration of the company’s strategic focus and effective execution as part of the Transcorp Group’s implementation of its integrated power strategy.

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Commenting on the financial highlights, Evans Okpogoro, the Chief Financial Officer, 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.”

Okpogoro said 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.”

On his part, the MD/CEO of Transcorp Power, Peter Ikenga, said the company was pleased to report further robust financial performance despite sectoral challenges such as gas supply issues and macroeconomic challenges.

He said, “Our ability to sustain growth amid 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.”