Transcorp Power lights up with N67.86 billion in Q1 2024 gross revenue

Onome Amuge

Transcorp Power Plc has showcased its financial strength with an impressive first quarter (Q1) performance in 2024, as reflected in its recently released unaudited financial statements on the Nigerian Exchange.

This is as the company’s gross earnings soared to N67.86 billion in Q1 2024, marking a significant 223 per cent increase over the N21.04 billion recorded in Q1 2023, highlighting the firm’s robust financial health and solid operational efficiency.

The company also  reported a 775 per cent surge in profit before tax (PBT) for the first quarter of 2024, with PBT standing at N28.77 billion compared to N3.29 billion in the same period last year. The company’s financial prowess was further exemplified by the 665 per cent year-on-year increase in profit after tax (PAT), with PAT totaling N20 billion in Q1 2024 compared to N2.6 billion recorded in Q1 2023.

Transcorp Power’s remarkable performance was highlighted by the impressive growth in total assets for the first quarter of 2024, reaching N276.2 billion, a significant 24 per cent increase compared to N223.3 billion recorded in the preceding quarter, Q4 2023.

Evans Okpogoro, the chief financial officer of Transcorp Power, provided insights into the company’s Q1 2024 financial performance, highlighting a 51 per cent gross margin,a 14 percent improvement from 37 percent in Q1 2023.

Okpogoro further disclosed a significant drop in the cost to income ratio to 70 per cent from 87 percent in Q1 2023, as well as a significant rise in net profit margin to 30 per cent from 13 percent during the same period, highlighting the company’s impressive financial management.

“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,” he added.

Peter Ikenga, the managing director and CEO of Transcorp Power, expressed pride in the company’s robust financial performance during Q1 2024, despite facing significant sectoral challenges like gas supply issues and macroeconomic challenges.

Ikenga acknowledged the resilience of the company’s business model, which allowed them to sustain growth despite difficult circumstances, noting that this impressive performance was achieved through efficient implementation of strategic initiatives, a testament to the company’s unwavering dedication to excellence and growth amidst adversity.

“We remain committed to leveraging our strengths to capitalise on emerging opportunities, drive sustainable growth and provide superior value,” he added.

The MD/CEO of Transcorp Power, reassured the company’s stakeholders that the company will continue to underscore innovation, operational excellence, corporate governance, and stakeholder engagement as key pillars of its growth strategy, with the ultimate goal of creating exceptional value for the long-term well-being and prosperity of the company and its stakeholders.