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HomeCompany NewsTranscorp Power Plc sees 775% Q1 profit surge amid impressive revenue growth

Transcorp Power Plc sees 775% Q1 profit surge amid impressive revenue growth

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Transcorp Power Plc, a key electricity generating subsidiary under Nigeria’s conglomerate, Transnational Corporation Plc has unveiled its unaudited financial statements for Q1 2024, showcasing an impressive surge in profitability and revenue growth.

The company’s Q1 2024 performance underscores its strategic focus and operational prowess, aligning with Transcorp Group’s integrated power strategy. Notable highlights from the financial results include:

  • Revenue Surge: Transcorp Power recorded a remarkable revenue increase of 223%, totaling N67.86 billion in Q1 2024, compared to N21.04 billion reported in the same period last year.
  • Profitability Soars: The company witnessed a staggering 775% rise in Profit before Tax (PBT), reaching N28.77 billion in Q1 2024, compared to N3.29 billion in Q1 2023. Moreover, Profit after Tax (PAT) surged by 665% year-on-year, amounting to N20.1 billion in Q1 2024.
  • Asset Growth: Total assets also experienced significant growth, reaching N276.2 billion in Q1 2024, up from N223.3 billion in Q4 2023.

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Evans Okpogoro, the Chief Financial Officer, highlighted the company’s operational efficiency gains, evident in the gross margin improvement from 37% in Q1 2023 to 51% in Q1 2024.

He also emphasized Transcorp Power’s aggressive revenue growth trajectory over the past five years, projecting similar growth by the end of 2024.

Peter Ikenga, MD/CEO of Transcorp Power, lauded the robust financial performance despite sectoral challenges, attributing it to the resilience of the business model and effective execution of strategic initiatives.

He reiterated the company’s commitment to capitalizing on emerging opportunities, driving sustainable growth, and delivering superior value to stakeholders through innovation, operational excellence, and stakeholder engagement.

Transcorp Power Plc remains dedicated to enhancing economic growth and transforming lives through improved access to electricity, solidifying its position as a key player in Africa’s power sector landscape.

(Edited by Oludare Mayowa; omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138)

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