Transcorp Power Plc has announced a significant milestone in its financial performance for the first quarter ended March 31, 2024. The company reported a pre-tax profit of N28.772 billion, marking a remarkable 774.85% increase year-on-year (YOY). This impressive figure represents 55% of the pre-tax profit reported for the entire fiscal year of 2023.
In their unaudited interim report for Q1 2024, Transcorp Power disclosed a revenue of N67.862 billion, indicating a substantial 222.54% YOY increase from the N21.040 billion reported in the corresponding period of the previous year. Notably, 67% of this revenue was attributed to energy delivered, while 33.34% stemmed from capacity charges.
Key highlights of the earnings comparison between Q1 2024 and Q1 2023 include:
- Revenue: N67.862 billion (+222.54% YOY)
- Cost of sales: N33.084 billion (+147.96% YOY)
- Gross profit: N34.779 billion (+351.80% YOY)
- Impairment loss on financial assets: N1.089 billion (+1,302.44% YOY)
- Administrative expenses: N4.280 billion (+382.01% YOY)
- Operating profit: N29.410 billion (+336.08% YOY)
- Finance cost: N2.176 billion (+40.83% YOY)
- Foreign exchange gain: N240 million (+109.89% YOY)
- Profit after tax: N20.141 billion (+665.50% YOY)
- Earnings per share: N2.69 (-91.80% YOY)
Following its listing by introduction on March 4, 2024, Transcorp Power witnessed a notable 42.8% increase in its share price, leading to a market capitalization of N2.83 trillion and positioning it as the 13th top-performing company on the NGX in terms of year-to-date performance.
The robust growth in revenue from capacity charges and energy delivered has been the primary driver of total revenue, contributing 99.99% jointly. This growth, which outpaces the increase in the cost of sales, has resulted in a healthy gross profit margin of 51.25%.
Transcorp Power’s exceptional performance in Q1 2024 underscores its commitment to delivering value to shareholders and stakeholders while maintaining a strong financial position in the power sector.
