April 19, (THEWILL) – Transcorp Power Plc (Transcorp Power) has demonstrated impressive financial performance in its released Q1 2024 unaudited financial statements.
According to the unaudited account for the period ended March 31, 2024, Transcorp Power recorded N67.86 billion in gross earnings, a 223% increase compared to N21.04 billion reported in Q1 2023.
Its Profit before Tax (PBT) rose by 775%, amounting to N28.77 billion in Q1 2024, compared to N3.29 billion in the same period in 2023.
In the same period under review, Transcorp Power also recorded a 665% year-on-year growth in Profit after Tax of N20.1 billion, compared to N2.6 billion in the same period in 2023.
Total assets also grew to N276.2 billion in Q1 2024, up from N223.3 billion in Q4 2023.
Commenting on the results, Evans Okpogoro, the Chief Financial Officer, said, “The Q1 2024 results saw a gross margin of 51%, a cost-to-income ratio of 70% and net profit margin of 30% compared to Q1 2023 gross margin of 37%, cost to income ratio of 87% and net profit margin of 13%.
“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.”
“We are pleased to report further robust financial performance, despite sectoral challenges such as gas supply issues and macroeconomic challenges. Our ability to sustain growth amidst 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,” Transcorp Power MD/CEO, Peter Ikenga, added.
Transcorp Power Plc is an electricity-generating subsidiary of Transnational Corporation Plc (Transcorp Group), one of Africa’s leading, listed companies with strategic investments in the power, hospitality, and energy sectors.
