{"id":28222,"date":"2024-04-19T15:12:56","date_gmt":"2024-04-19T15:12:56","guid":{"rendered":"https:\/\/abujacityjournal.com\/livenews\/?p=28222"},"modified":"2024-04-19T15:12:56","modified_gmt":"2024-04-19T15:12:56","slug":"transcorp-power-plc-reports-impressive-q1-2024-performance","status":"publish","type":"post","link":"https:\/\/abujacityjournal.com\/livenews\/2024\/04\/19\/transcorp-power-plc-reports-impressive-q1-2024-performance\/","title":{"rendered":"Transcorp Power Plc Reports Impressive Q1 2024 Performance"},"content":{"rendered":"<p>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.<\/p>\n<p>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.<\/p>\n<p>Key highlights of the earnings comparison between Q1 2024 and Q1 2023 include:<\/p>\n<ul>\n<li>Revenue: N67.862 billion (+222.54% YOY)<\/li>\n<li>Cost of sales: N33.084 billion (+147.96% YOY)<\/li>\n<li>Gross profit: N34.779 billion (+351.80% YOY)<\/li>\n<li>Impairment loss on financial assets: N1.089 billion (+1,302.44% YOY)<\/li>\n<li>Administrative expenses: N4.280 billion (+382.01% YOY)<\/li>\n<li>Operating profit: N29.410 billion (+336.08% YOY)<\/li>\n<li>Finance cost: N2.176 billion (+40.83% YOY)<\/li>\n<li>Foreign exchange gain: N240 million (+109.89% YOY)<\/li>\n<li>Profit after tax: N20.141 billion (+665.50% YOY)<\/li>\n<li>Earnings per share: N2.69 (-91.80% YOY)<\/li>\n<\/ul>\n<p>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.<\/p>\n<p>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%.<\/p>\n<p>Transcorp Power&#8217;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.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 [&hellip;]<\/p>\n","protected":false},"author":27,"featured_media":28223,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[],"class_list":["post-28222","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/28222","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/27"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=28222"}],"version-history":[{"count":3,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/28222\/revisions"}],"predecessor-version":[{"id":28235,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/28222\/revisions\/28235"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/28223"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=28222"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=28222"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=28222"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}