Transcorp Power Plc has declared revenue of N67.86 billion in the first quarter of 2024 which ended on March 31.

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

Transcorp Power revealed this in its unaudited financial report for the period, a copy of which was made available to journalists on Friday, April 19, 2024.

The electricity generating company 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 2023.

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

Transcorp Power’s total assets also advanced to N276.2 billion in the first quarter of 2024, up from N223.3 billion in 2023.

Transcorp Power posts N453bn profit, shareholders get N3.13 dividend

Speaking on the financial highlights, the Chief Financial Officer of Transcorp Power, Evans Okpogoro, 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 a net profit margin of 30 per cent, compared to the first quarter of 2023, a gross margin of 37 per cent, a cost-to-income ratio of 87 per cent, and a net profit margin of 13 per cent.

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

Also speaking, the Managing Director/Chief Executive Officer (CEO) of Transcorp Power, Peter Ikenga, 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.

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

The Star